Section 60

unless any provision to the contrary, whether express or, implied, is contained in any contract entered into by the company; or

unless the company has, by passing a resolution to that effect or by some other act, manifested its intention that the debentures shall be cancelled, that company shall have power to reissue the debentures, either by reissuing the same debentures or by issuing other debentures in their place, but the reissue of a debenture or the issue of one debenture in place of another under this subsection shall not be regarded as the issue of a new debenture for the purpose of any provision limiting the amount or number of debentures that may be issued by the company.

On the reissue of redeemed debentures, the person entitled to the debenture shall have, and shall be deemed always to have had, the same priorities as if the debentures had never been redeemed.

Where a Labuan company has deposited any of its debentures to secure advances on current accounts or otherwise, the debentures shall not be deemed to have been redeemed by reason only of the company’s account having ceased to be in debit while the debentures remain so deposited.