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Creation and issue of subsequent debenture stock.
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16.—(1) For the purposes of providing money or paying off or redeeming any debenture stock, or for the purposes of the acquisition, by means of the exchange of debenture stock, of any transport undertaking which the Company is authorised to acquire, the directors of the Company, with the previous sanction of the Minister given after consultation with the Minister for Finance, may from time to time create and issue debenture stock, so however that the total amount of the debenture stock (including substituted debenture stock) created and issued does not exceed sixteen million pounds.
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(2) In calculating, for the purposes of subsection (1) of this section, the total amount of debenture stock (including substituted debenture stock) created and issued, account shall be taken of any debenture stock which has been redeemed.
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