| Commentary

50 Payment by instalments

| Commentary

50 Payment by instalments

Debentures or debenture stock may be paid for in full at the time of issue or by instalments. Where debentures or debenture stock are allotted on the basis of being paid for by instalments, it is usual to provide provisional certificates of entitlement to the subscribers that can be exchanged for definitive debentures or stock certificates when all the instalments have been paid and to endorse upon the provisional certificates the payment of each instalment1. If default is made in payment of any of the instalments, normally the payments already made will be liable

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