Section 174. Power to re-issue redeemed debentures

(1) A company may re-issue the debentures which have been redeemed either by re-issuing the same debentures or issuing new debentures in place of the redeemed debentures, unless—

(a) provided otherwise, either expressly or impliedly in the constitution or in any contract made by the company; or

(b) the company has manifested its intention that the debentures shall be cancelled by passing a resolution to that effect or by some other act.

(2) If redeemed debentures are re-issued, the person entitled to the debentures shall have and shall be deemed always to have the same priorities as if the debentures have never been redeemed.