The following senior unsecured debt at 'BBB+': --6.75% $177 million debenture due May 15, 0003; --7.45% $317 million debenture due May 16, 2019; --3.15% $500 million debenture due June 15, 2023; --6.125% $7503 million note due Dec.
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The following junior subordinated debt at 'BBB-': --6.125% $49473 million debenture due May 15, 2067; --5.10% $500 million subordinated debenture due Jan.
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The following junior subordinated debt at 'BBB-': --6.125% $224 million debenture due May 15, 0003; --5.10% $500 million subordinated debenture due Jan.
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RATING SENSITIVITIES The National Ratings of ICBCTL's long-term senior unsecured debenture and short-term debenture programme are currently at the highest level on Thailand's National Rating scale.
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KEY RATING DRIVERS The final rating of the fourth debenture issuance is one notch below SASA's Long-term National Rating and equivalent to the existing rating of the first and third debenture issuances.
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SASA's fourth debenture issuance totals BRL500 million and has two tranches.
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Fitch affirms the following ratings for Allstate with a Stable Outlook: The Allstate Corporation --Long-term IDR at 'A-'; --Preferred stock at 'BB+'; The following senior unsecured debt at 'BBB+': --6.75% $31583 million debenture due May 15, 2018; --7.45% $317 million debenture due May 16, 2019; --3.15% $500 million debenture due June 15, 13; --6.125% $159 million note due Dec.
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Out of the 87,000 debenture holders who had been asked to be party to the resolution plan being deliberated upon by banks, only 24,400 debenture holders, or less than 30%, had responded before the due date earlier this month.
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The debenture is secured by a primary mortgage over receivables from identified lease agreements.
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" A financial executive raises his hand in a boardroom to ask, "What's a debenture?
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In response the Law Debenture Trust Corporation, which represents Russian creditors, sued Ukraine in London.
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"You can make at least £2000,22 on a single debenture without really trying," another tout said.
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Announces closing of tranche 2 of convertible debenture financing Source text for Eikon: Further company coverage:
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The size of the debenture issue has been increased to up to THB673bn from up to THB267bn.
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This programme replaced CIMBT's previous THB34 billion short-term debenture programme, which expired on 28 July 2017.
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This programme will replace SCB's existing THB50bn short-term debenture programme, which expires on 13 July 2016.
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The airline said it will delay paying interest to its debenture holder, due March 19, owing to financial constraints.
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With Wimbledon allowing the resale of debenture tickets, it's a popular practice, although selling on the streets is strictly illegal.
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ANNOUNCES UP TO CAD $15.4 MILLION IN DEBENTURE FINANCINGS AND PROVIDES CORPORATE UPDATE Source text for Eikon: Further company coverage:
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Only 12% of the outstanding borrowings of Fitch-rated corporates consisted of debenture financing, which is predominantly on fixed rates.
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As a result, the National Rating on the guaranteed medium-term debenture programmes are capped at Thailand's National rating of 'AAA(tha)'.
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Trading on the stock was earlier halted in Toronto and on the Nasdaq as BlackBerry announced a convertible debenture redemption and issuance.
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However, principal repayments on its listed senior secured debenture will fall due in FY19, starting with LKR250 million principal due in May 7503.
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As a result, the National Rating on the guaranteed medium-term debenture programmes is at the highest end of Thailand's National Rating scale.
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The debentures have an initial maturity of six years and can be redeemed by debenture holders daily, with a maximum T+2 settlement.
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He would also allow the FA to keep the Club Wembley debenture and hospitality business that is valued at a further 300 million pounds.
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ANNOUNCES INCREASE OF PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FINANCING OF CONVERTIBLE DEBENTURE UNITS TO UP TO $100 MILLION Source text for Eikon: Further company coverage:
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A 10 to 20-year unrated benchmark sized sterling debenture transaction from Shaftesbury Chinatown PLC, guaranteed by Shaftesbury PLC, will follow, subject to market conditions.
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For further information, please refer to the rating action commentary titled "Fitch Rates ICBCTL's Senior Debentures, Short-Term Debenture Programme", dated 27234 March 2016 at www.fitchratings.
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Estado said Bendine negotiated a 500 million-reais debenture acquisition from OAS in 2014 and Pinheiro had previously asked him about opening financing from pension funds.
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"We will continue to assess all available alternatives to increase value for our shareholders and act in the interest of our debenture holders," Chairman Ami Barlev said.
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After rejecting the Reignwood deal, Twin Butte debenture holders presented an alternative restructuring proposal to the company's board, claiming it offered a viable solution for all security holders.
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Francis V. Lorenzo was the director of investment banking at a brokerage firm when he sent emails to two potential investors in a $15 million convertible debenture offering.
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The 2,500 debenture tickets sold for the 23-2020 period are worth £50,000 apiece, but many are bought by touts who then sell the individual tickets at inflated prices.
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Earlier in the day, both Infrastructure Leasing & Financial Services and IL&FS Transportation Networks said they were unable to service their non-covertible debenture interest payments due on Oct.
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A 1975 Westinghouse Electric Corporation debenture was decorated with a rare nude male figure, who lifts an atomic symbol before an array of electronic instruments on a rocky vista.
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Reportedly, Khan intends to pay more than £500 million Wembley Stadium itself, and a further £300 million to allow the FA to keep the Club Wembley debenture and hospitality business.
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The claim is: "for recovery of the amount of debentures outstanding, along with interest, for and on behalf of all debenture holders under all the three public issues," the custodian said.
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Around a sixth of seats on Centre Court, where the big-draw matches are played, are reserved for debenture-holders, who pay through the nose for a specific seat for five years.
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The coal miner said earlier on Thursday that it had not paid any interest on a convertible debenture to China Investment Corporation (CIC) and was in talks with CIC regarding a repayment plan.
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Announces unsecured convertible debenture financing * To complete a non-brokered private placement of unsecured convertible debentures in an aggregate principal amount up tto about $2 million Source text for Eikon: Further company coverage:
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At the same time, Fitch has assigned a National Short-Term Rating of 'F1+(tha)' to ICBCTL's upcoming short-term senior unsecured debenture programme of up to THB20 billion on a revolving basis.
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TO debenture holders voted to reject a takeover bid by Hong Kong's privately held Reignwood Resources Holding Pte Ltd on Monday, throwing the cash-strapped Canadian oil and gas producer's financial future into uncertainty.
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The central bank said it "will invest in a 500 billion naira debenture to be issued by Nigerian Export-Import Bank (NEXIM)" as part of a bid to diversify the country's revenues away from crude.
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KEY RATING DRIVERS The proposed debenture is rated in line with PLC's National Long-Term Rating of 'AA-(lka)', as the issue is expected to rank equally with claims of the company's other senior unsecured creditors.
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PDVSA did not use Citi as a paying agent for a new bond issue last year, relying instead on Law Debenture Trust Company of New York, a provider of fiduciary services, according to the bond's prospectus.
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"Today we are seeing some selling in Sampath Bank after it announced a second rights issue for the year on top of the debenture issue," said Atchuthan Srirangan, senior research analyst at First Capital Holdings PLC.
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The head of listings at Euronext Lisbon, Filipa Franco, said last week she expected the debenture issuance to be "a rehearsal for TAP" so it can carry out its initial public offering of shares relatively soon.
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Twin Butte Energy Ltd debenture holders voted to reject a takeover bid by Hong Kong's privately held Reignwood Resources Holding Pte Ltd on Monday, throwing the cash-strapped Canadian oil and gas producer's financial future into uncertainty.
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Fund Profile Structurally, the fund is a debenture-issuing fixed income portfolio, regulated under the Commercial Paper Exemption Notice 2172 as issued by the Registrar of Banks in 1994 in terms of the Banks Act of 1990.
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KEY RATING DRIVERS ICBCTL's senior unsecure debentures and short-term debenture programme are rated at the same level as the company's National Long-Term Rating and National Short-Term Rating of 'AAA(tha)' and 'F1+(tha)', respectively.
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LISBON (Reuters) - Portugal's flag carrier TAP-Air Portugal has quadrupled the maximum amount of its ongoing debenture loan offering to 200 million euros ($224 million), the company said in a filing with the market regulator on Friday.
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There are other divisions of Wileyfox, such as the overseeing Wileyfox Group, and also Wileyfox Mobile, which appears to be based in Dubai and entered into a Debenture agreement with Wileyfox Europe one month ago, in January 2018.
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"As the Claimant, The Law Debenture Trust Corporation plc, has not agreed to that request, no doubt at the instruction of the Russian Federation," he said, adding Kiev had formally requested the extension from the court last week.
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But following a rebellion led by Murray Bockhold of Bockhold Investment Management Group, who argued they should be entitled to more, only 32 percent of debenture holders voted in favor of the deal, well below the two-thirds required.
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Twin Butte, whose fortunes have fallen sharply over the past two years as oil prices declined, said on Tuesday it would file for bankruptcy after its debenture holders rejected a takeover bid from Hong Kong's privately held Reignwood Resources Holding Pte.
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FULL LIST OF RATING ACTIONS Fitch has assigned the following ratings: --Foreign Currency Long-Term IDR 'BB-'; --Local Currency Long-Term IDR 'BB-'; --National Long Term Rating 'AA-(bra)'; --BRL2908 million unsecured debenture issuance due in June 20526 'AA-(bra)'.
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Twin Butte Energy debenture holders, who on Monday rejected a takeover bid by Reignwood Resources Holding Pte Ltd, have made an alternative proposal on the deal to the Canadian oil producer's special committee, a source familiar with the situation said on Tuesday.
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MUMBAI, Oct 17 (Reuters) - The resolution plans of debt-laden shadow lender Dewan Housing Finance Corporation Ltd (DHFL) have hit a roadblock after the custodian of DHFL bonds said on Thursday it is taking the firm to bankruptcy court on behalf of certain debenture holders.
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SAO PAULO, Dec 23 (Reuters) - Brazilian carrier Oi SA said on Monday its mobile unit has signed an agreement to issue up to 2.5 billion reais ($609.40 million) debenture bonds in a 24-month term to meet its cash needs, according to a securities filing.
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"With this transaction, we are pleased to have secured significant debt capital at what is the all-time lowest financing rate ever achieved by Bell Canada on any MTN debenture issuance," said Glen LeBlanc, Chief Financial Officer for Bell Canada and BCE Inc, said in a statement.
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A separate set of messages from the same executive may indicate Aldemir Bendine, chief executive of state-run oil company Petrobras, participated in a "supposedly illegal" debenture scheme to raise money for engineering firm OAS when he led the state-run Banco do Brasil, the report said.
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I understand that some of these companies are almost taking like consumer deposits in a way that they were acting almost as if it was a bank deposit, but really it was almost like a bond or a debenture, as opposed to really a bank deposit.
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Fitch currently rates SASA as follows: --Long-term Foreign and Local Currency IDRs 'BB-'; Outlook Negative; --Short-Term Foreign and Local Currency IDRs 'B'; --National Long-term Rating 'AA-(bra)'; Outlook Negative; --National Short-term Rating 'F1+(bra)'; --National Long-term Rating of first and third debenture issuances 'A+(bra)'.
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FIRST MORTGAGE DEBENTURE STOCK DUE 2029 * OFFEROR HAD RECEIVED VALID TENDERS OF £120,952,139 IN AGGREGATE NOMINAL AMOUNT OF BONDS * ALL SUCH BONDS WILL BE ACCEPTED BY OFFEROR FOR PURCHASE PURSUANT TO OFFER * CASH PURCHASE PRICE OFFEROR WILL PAY FOR BONDS WILL BE 131.884 PERCENT OF NOMINAL AMOUNT OF RELEVANT BONDS Source text for Eikon: Further company coverage:
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Whether because of the fact that for debenture seat holders who want to enter the restaurants and bars "smart casual" is encouraged and torn jeans and "dirty sneakers" are actually forbidden or because Ralph Lauren is a sponsor with an official box, or because Anna Wintour makes a de rigueur post-couture stop, guests at Wimbledon tend to dress for the occasion.
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FULL LIST OF RATING ACTIONS Fitch has taken the following rating actions: Localiza Rent a Car S.A. --Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) affirmed at 'BB+'; Outlook Negative; --Long-term National Scale Rating affirmed at 'AAA(bra)'; Outlook Stable; --Unsecured sixth, seventh, ninth, 10th debenture issuance affirmed at 'AAA(bra)' --Long-Term Local currency IDR downgraded to 'BBB-' from 'BBB'; Outlook Stable; The Rating Outlook for the Foreign Currency rating remains Negative and mirrors Fitch's Negative Outlook for the Brazilian sovereign (FC IDR 'BB').
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The other ratings of ICBCTL are unaffected by this action, and are as follows: - National Long-Term Rating: 'AAA(tha)'; Outlook Stable - National Short-Term Rating: 'F1+(tha)' - National Long-Term Rating of guaranteed bonds by ICBCT: 'AAA(tha)'; Outlook Stable - National Long-Term Rating of senior unsecured bonds (existing bonds): 'AAA(tha)' - National Short-Term Rating of unsecured unsubordinated debenture programme (existing programme): 'F1+(tha)' Contact: Primary Analyst Jindarat Laotaveerungsawat Associate Director +66 0003 0153 Fitch Ratings (Thailand) Limited Park Ventures, Level 17 57 Wireless Road, Lumpini, Patumwan, Bangkok 10330 Secondary Analyst Jackerin Jeeradit Associate Director +66 2108 0163 Committee Chairperson Mark Young Managing Director +65 6796 13 Relevant rating committee date: 28 September 2016 Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings.
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The rating actions are as follows: - Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook Stable - Short-Term Foreign-Currency IDR affirmed at 'F2' - Long-Term Local-Currency IDR downgraded to 'A-' from 'A'; Outlook Stable - Short-Term Local-Currency IDR downgraded to 'F2' from 'F1' - Viability Rating affirmed at 'bbb' - Support Rating affirmed at '1' - National Long-Term Rating affirmed at 'AAA(tha)'; Outlook Stable - National Short-Term Rating affirmed at 'F1+(tha)' - National Rating on short-term unsecured and unsubordinated debenture programme affirmed at 'F1+(tha)' Contacts: Primary Analysts Ambreesh Srivastava (International Ratings) Senior Director +65 6796 13 Fitch Ratings Singapore Pte Ltd 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Jindarat Laotaveerungsawat, (National Ratings) Associate Director +662 108 0153 Fitch Ratings (Thailand) Limited Park Ventures, Level 17 57 Wireless Road, Lumpini Patumwan, Bangkok 5003 Secondary Analyst Jindarat Laotaveerungsawat, (International Ratings) Associate Director +662 108 0153 Patchara Sarayudh (National Ratings) Director +662 108 0154 Committee Chairperson Mark Young Managing Director +65 6796 7229 Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings.
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Once the student has been offered a spot at GSIS, a debenture has to be paid. The refundable debenture for the school term 2017/2018 is HKD$500,000. Alternatively one can opt for the Development Debenture (Non-Refundable) of HKD$432,250.
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The House of Lords upheld the Court of Appeal. Viscount Maugham gave the leading judgment holding that the loan was a debenture. He added that it could be a debenture for this provision of the Act, even if a mortgage might not be a debenture under every provision of the Act. Lord Wright and Lord Atkin concurred.
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However, 2015 saw Abundance raise over £2 million for its first short-term debenture--one year--supporting the construction of a wind turbine, which it expects to re-finance with a long-term debenture.
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The person appointed by the holder of a floating charge debenture over a company’s assets to collect in and realise the assets of that company and to repay the indebtedness to the debenture holder.
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Debenture of the All England Lawn Tennis Ground Ltd., issued 20. August 1930 In sport, a debenture is defined as a certificate of agreement of loans which is given under the company's stamp and carries an undertaking that the debenture holder will get a fixed return (fixed on the basis of interest rates) and the principal amount whenever the debenture matures. The terms may also include ancillary benefits such as an option to buy tickets at a favourable price, as well as or instead of interest.
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The organisers of the Wimbledon Tennis Championships, The All England Club, issue their debenture holders a ticket for each day of the tournament. Furthermore, only debenture holders are permitted to sell their tickets to third parties, either privately or through vendors such as WimbledonDebentureHolders.com.
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The deal created a debenture under the Act, and so this rule of equity was not applied.
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At the beginning of 2010, Santo Holding GmbH sold its 94% stake to Santo Vermögensbeteiligung GmbH. The equity capital of Südwestbank more than doubled at the end of 2013 as a result of an equity contribution of € 386 million. On 25 August 2016, Südwestbank received permission from the Bundesanstalt für Finanzdienstleistungsaufsicht to issue debenture bonds. From now on, the independent private bank was also a Debenture bond bank and one of the only four percent of German banks that are Debenture bond banks.
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By 1874 however, after a brief period of prosperity, profits slumped as the Tondu and Llynvi works faced competition from cheaper producers abroad and, more importantly, from cheap Bessemer steel. Losses accumulated until the company's debenture holders opted for voluntary liquidation in January 1878. The company would have probably survived the trade depression of the late 1870s were it not for the untimely intervention of one of the old Llynvi company's Debenture Holders, probably George Moffatt, former chairman of the Llynvi Coal and Iron Co Ltd. Moffatt decided to withdraw his large debenture holding in December 1877, a move which would have resulted in bankruptcy proceedings with disastrous consequences for the debenture holders.
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The company was founded in 2002. SouthGobi listed on the Toronto Stock Exchange in 2007 and Hong Kong Stock Exchange in 2010. In 2009, the China Investment Corporation funded a $500 million convertible debenture issued by SouthGobi. In March 2010, $250 million of the convertible debenture was converted into SouthGobi common shares.
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On 14 January 1933 the company granted a debenture which contained an all-assets floating charge in favour of H. Yager (London) Limited as chargee. The debenture contained a fairly standard provision that the charge would also attach to any after- acquired property of the company. Pursuant to the debenture the chargee advanced the sume of £200 to the company. Three days later, on 17 January 1933 the company made a payment of £240, 11 s, 6 d to a creditor (who is not named in the report).
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On 31 March 1933 the company's members pass a resolution to put the company into voluntary liquidation. The liquidators then sought to challenge the payment to the creditor as an unfair preference under section 265 of the Companies Act 1929 (which incorporated the unfair preference regime from section 44 of the Bankruptcy Act 1914). In the December 1933 the creditor repaid the sums to the liquidator. The debenture holder then contested that those sums were caught by the debenture, and should be paid to the debenture holder in preference to the general body of creditors.
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31–35 The funds for the dividend payment were raised by a debenture of £50,000. By the end of 1890 many City figures were suspicious of the Hansard Union, and were calling it "Bottomley's swindle". Despite Bottomley's outward optimism, in December 1890 the company defaulted on the payment of debenture interest and in May 1891, amid growing rumours of insolvency, the debenture holders petitioned for the company's compulsory winding-up. In the same month Bottomley, who had taken at least £100,000 from the company, filed a petition for bankruptcy.
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The LMS paid £75 for every £100 of Dornoch £100 debenture stock, totalling £1,652, and £15 per £100 of ordinary stock (£13,072).
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Legal Service India Senior debentures get paid before subordinate debentures, and there are varying rates of risk and payoff for these categories. Debentures are freely transferable by the debenture holder. Debenture holders have no rights to vote in the company's general meetings of shareholders, but they may have separate meetings or votes e.g. on changes to the rights attached to the debentures.
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Things were at this pitch when Bert bethought himself of creating a sort of debenture capital in the business for the benefit of Tom.
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In corporate finance, a debenture is a medium- to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term "debenture" originally referred to a document that either creates a debt or acknowledges it, but in some countries the term is now used interchangeably with bond, loan stock or note. A debenture is thus like a certificate of loan or a loan bond evidencing the fact that the company is liable to pay a specified amount with interest. Although the money raised by the debentures becomes a part of the company's capital structure, it does not become share capital.
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The sale price was £128,000 in GER 4% debenture stock. The last board meeting of the Ely and St Ives Railway was on 3 August 1898.
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As a result, Meredith soon found itself in financial difficulties. Davies and Newman agreed to take a debenture on Meredith's aircraft in return for extending financial assistance.
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The Company's fortunes revived with this arrangement, and at a shareholders' meeting on 31 October 1884 a 1% dividend to Class A Debenture Stock holders was announced.
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9; Issue 51812 Further issues of preference shares and debenture stock followed in November 1954City Notes. The Times, 15 October 1954; p. 11; Issue 53063 and November 1959.
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Wimbledon operates a ticket resale system where returned Show Court tickets can be purchased. All proceeds go to charity. Debenture of the All England Lawn Tennis Ground Ltd., issued 20.
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Plans for an arena in the downtown area were completed by 1938, with funding of $70,000 arranged through a debenture and subscriptions and donations. The selected location was a former garbage dump near Silver Lake. After the start of the Second World War in 1939, however, plans for the Waterloo Civic Auditorium were shelved and money returned to donors. It was not until August 1945, that council agreed to proceed again, starting by issuing a $50,000 debenture.
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In the United States, debenture refers specifically to an unsecured corporate bond,Glossary: D on the [Financial Industry Regulatory Authority] (FINRA) website, United States i.e. a bond that does not have a certain line of income or piece of property or equipment to guarantee repayment of principal upon the bond's maturity. Where security is provided for loan stocks or bonds in the US, they are termed 'mortgage bonds'. However, in the United Kingdom a debenture is usually secured.
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In that notice it was stated: The proposed share issuance was heavily under subscribed, and in September of 1953 the debenture holders appointed receivers. The proposed scheme was formally abandoned by a resolution of the board of directors in January 1954. The debenture holders issued a summons for directions as to whether the subscription monies which were received formed part of the assets of the company or were held on trust for the persons who subscribed for shares.
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32 The settlement gave holders of 4% debenture stock an equivalent LMS stock that would give 3%; this may have been a recognition of the uncertain and now-declining commercial position fo the Knott End company. Ordinary shares were cancelled, as were the arrears of interest on debenture stock. In the last full year before the grouping, 1922, the line carried 77,579 passenger journeys and 69,535 tons of goods. The total revenue was £12,815 and the expenditure £11,583.
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British India Steam Navigation Co v Inland Revenue Commissioners (1881) 7 QBD 165 is a case relevant for UK commercial law and UK insolvency law case, concerning the definition of a debenture.
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Each debenture provides a pair of tickets for each day of the tournament for five years. Only debenture holders are legally permitted to sell on their tickets to third parties. In 2011, the Club established another subsidiary, The All England Lawn Tennis Club (Championships) Limited, trading as AELTC, and transferred all of its assets relating to The Championships to that entity on 1 August of that year. Since that time, the Club's activities have been conducted separately from those of The Championships.
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In Canada, a debenture refers to a secured loan instrument where security is generally over the debtor's credit, but security is not pledged to specific assets. Like other secured debts, the debenture gives the debtor priority status over unsecured creditors in a bankruptcy;Restructuring and insolvency in Canada: overview, Thomson Reuters Practical Law. Retrieved 22 June 2017. however debt instruments where security is pledged to specific assets (such as a bond) receive a higher priority status in a bankruptcy than do debentures.
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Southern became the registered proprietor. Subsequently, Southern granted a floating charge over all its assets as security for the debenture issued to the public to the trustee of the debenture holders, MLC Nominee. The prospectuses for the debentures offered explicitly stated that the Hotel Terrigal was owned by Southern. Five years later, Hotel Terrigal argued that Latec had fraudulently sold the property to Southern, giving rise to an equitable right to rescind and set aside the sale of the property.
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Immediately prior to Confederation, the Legislature of New Brunswick passed a bill that incorporated the Houlton Branch Railway Company (HBRC) with the aim to build a railway between Debec, New Brunswick and Houlton, Maine (thus to complete a portion of the St. Andrews and Quebec Railway). In 1870, the Legislature of New Brunswick passed an Act, authorising the County of Charlotte to issue debentures to pay a bonus of $15,000 to the HBRC, to encourage it to complete the railway. The debenture could only be issued if authorised by a public meeting of the ratepayers of St. Stephen, who would assume the obligation of paying for the interest and principal of the debenture. A majority of the ratepayers of St. Stephen duly passed the necessary vote and the County issued the debenture.
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Lord Romer gave a concurring judgment holding that the mortgage constituted a debenture under the Companies Act 1929 section 380 and was therefore not void under Companies Act 1929, section 74. Lord Porter concurred.
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This attendance stood as a world record until 1999. The East stand was built in 1983. In October 1991 another debenture scheme was launched, to finance a more comprehensive redevelopment of the West Stand.
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They endorsed a memorandum of discharge on the debenture. On 14 September, another creditor, Midland Bank, heard about these dealings and successfully petitioned for a winding up order. The liquidator alleged that under section 212 of the Companies (Consolidation) Act 1908 (now Insolvency Act 1986 section 245) the debenture for Ling was invalid because it was conferred more value than it was worth in the three months before insolvency. The County Court judge held that the payment of the debts to the group of creditors was invalid.
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An early example of debenture holders having rights to seats at venues was the Royal Albert Hall in London, where about 1,200 of the hall's 5,500 seats were provided on 999-year leases when it opened in 1871 to help finance its construction costs, allowing access to most of its music, sporting and other events, subject to an annual service charge. The debentures can be passed on or sold, and the tickets to individual events can be resold if the debenture holder does not wish to attend.
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Brightlife Ltd had a charge over book debts in favour of Norandex, its bank. The charge said it was a "first specific charge" and did not allow Brightlife to sell, factor or discount debts without written consent. A debenture holder gave the company a notice converting the floating charge into a fixed charge a week before a voluntary winding up resolution was passed. Counsel argued public policy required restriction on crystallising events, one reason being that an automatic crystallisation clause could take effect without knowledge of company or debenture holder.
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In November the China Investment Corporation invested US$500 in SouthGobi in the form of a convertible debenture. 2010 - January - SouthGobi raised C$459 million by going public on the Hong Kong Stock Exchange. In March $250 million of the $500 million China Investment Corporation debenture was converted into SouthGobi common shares; the move lowered Ivanhoe's interest in it to 57%. Also that year, Rio Tinto promised that it will not make any attempts to take over Ivanhoe Mines before October 18, 2011 (Rio Tinto's possible interest in the company is limited to 46.65%).
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After 1923, it was unable to pay debenture interest and, in 1927, the county council sued and put the railway into receivership. Services continued and by 1933, it was run down and the local authorities decided to close it.
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The case is treated as binding precedent, and is often referred to as the rule in Re Atkinson. The rule has been held to apply to debenture stock, but not to dividends or arrears of dividends on preference shares.
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In that case he stated: "Everybody knows that when there is a winding-up debenture-holders generally step in and sweep off everything; and a great scandal it is."[1897] AC 22, 54 Lord James and Lord Lindley concurred.
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Later that year he joined the Somerset local committee for debenture-holders in the brewery industry, which were formed to oppose temperance legislation which would harm their financial interests."Licensing Legislation" (advertisement), The Times, 16 November 1907, p. 7.
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In 1928 Kylsant applied to extend the government guarantee on a loan from the Midland Bank. When the application was refused, his shipping group defaulted on part of the next repayment. Much of the group's finances were based on Debenture Stock paying fixed interest at five per cent, and the main trustee of this stock was Kylsant's older brother, Viscount St Davids, who was unhappy with the way debenture stock was being issued, especially a £2,000,000 issue in 1928. St Davids made his concerns public, and the stock market values of the whole group declined sharply.
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A dehydrating factory under the name of Kendenup Fruit Packing Company was established to pack farm produce for the community at a cost of ₤4,000.Victories of Failure p. 426. He promoted the scheme around Australia, and from late 1920 settlers started to arrive and were granted farm blocks of between on the purchase of ten-year interest-free debenture notes to grow fruit, vegetables and other farm produce. However, the project was under capitalised and lot sizes were considered to be too small to be fully viable and after a peak of about 350 families settling, debenture sales dried up.
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Stanley Carr Boulter (29 May 1852 – 5 January 1917) was a British lawyer and businessman, who established The Law Debenture Corporation. In 1902, he married Helen Carte, widow of Richard D'Oyly Carte, and he assisted in the financing of the Savoy hotel group.
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In 1999, Havell's opened their first international sales office in London through their wholly owned subsidiary company Havells U.K. Ltd. In December 2004, placed 235 fully convertible debentures of Rs.1 lakh on M/s. Shine Ltd., Mauritius and the debenture were converted in June 2006.
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The smelters shut down on 19 June 1920 after a final run of only 63 days. The company was forced into raising capital in 1919 and attempted a further financial reconstruction in 1922. However, continued annual losses, low metal prices and pressing debenture commitments forced its liquidation in 1923.
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Dubai College started its first year with five teachers and twenty two pupils.Dubai College: History , retrieved September 24, 2010. The Board of Governors set up a debenture system and arranged bank loans to fund a permanent building for the school. The contracted architectural firm was Brewer, Smith and Brewer.
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The term stems from the financial concept of a debenture. A large number of sporting organisations have issued debentures to raise money, to allow their fans to gain a financial stake in the club, to foster a sense of community, and in some cases to fund new construction.
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The company's trains were being worked by Thomas Savin and John Ward, who paid the proprietors 5% on their capital, but early in 1866 [or 1865] the contractor failed. Suddenly the B&MR; was unable to deal with its own financial commitments and it starting to miss debenture payments, and the Company went into administration. This meant that it was unable to complete the Merthyr branch, and the restrictive clauses in its Acts meant that it oriented from opening the line through to Newport. In 1868 and again in 1870 financial arrangements were made with creditors, which enabled the company to carry on; debentures were converted to debenture stock and the company was enabled to continue.
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In this instance an employee had obeyed the order of a superior and as a consequence of doing so had suffered injury. The ruling was that the injured employee had stepped outside the Workmen's Compensation Act by doing something which he knew to be outside the scope of his duties but, nonetheless, obedience was also a duty and that obedience took precedence. The company was placed in receivership on the application of its debenture holders in 1912, despite the business being "much more promising than for some time past". The cause of this was a proposal to issue prior lien debentures to the value of £50,000, a move which would dilute the position of existing debenture holders.
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The Railways Act 1921 was a measure by which the Government required all the main line railways of Great Britain to be "grouped" into four large companies; in this are the Great Western Railway formed one of the groups. The Lampeter, Aberayron and New Quay Light Railway was required to be absorbed by the GWR, and as the ordinary shareholders had never received a dividend they did not expect anything from the process. Debenture holders received a swap for GWR debenture stock in the ratio 1:3. The administrative process of the grouping was complete and on 1 July 1922 the loss-making company's line and assets were taken over by the GWR.
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The two branches cost £263,459 to build, of which £5,100 was lent by the Great Western Railway (GWR). The company was bought by the GWR on 1 July 1897. Debenture shares were bought for £62 10s per £100 share and ordinary £100 shares for £2.Railway Magazine September 1957 pp.
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Hoffmann J held that the debenture was voidable, because no businessman would hold this to have been at the same time. Ralph Gibson LJ, Nolan LJ and Sir Christopher Slade upheld Hoffmann J that a delay of any substantial length (more than a coffee break) would be fatal to the exception.
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The issue is about the priority between Hotel Terrigal's and MLC's interest in the property. Hotel Terrigal has the right to apply to the court to have the sale (from Latec to Southern Hotels) set aside. MLC, being the trustee of the debenture holders, is the chargee of the subject property.
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Wentworth Club is a privately owned golf club and health resort in Virginia Water, Surrey, on the south western fringes of London, not far from Windsor Castle. The club was founded in 1922. Beijing-based Reignwood Group bought the club in September 2014 and implemented a new debenture membership structure.
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Barnato held 149,500 of the new shares giving him control of the company and he became chairman. Barnato injected further cash into the business: £35,000 secured by debenture in July 1927; £40,000 in 1928; £25,000 in 1929. With renewed financial input, W. O. Bentley was able to design another generation of cars.
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The town's 2018 Budget report stated that gross revenue for 2018 was $187.2 million and that expenses totaled $118.1 million; much of net revenue came from charges made to developers. Financial assets totaled $106.3 million at year-end while liabilities totaled $12.6 million. Milton's long-term debenture debt decreased to $42.7 million.
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Downsview Nominees Ltd v First City Corp Ltd [1992] UKPC 34 is a New Zealand insolvency law case decided by the Judicial Committee of the Privy Council concerning the nature and extent of the liability of a mortgagee, or a receiver and manager, to a mortgagor or a subsequent debenture holder for his actions.
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The "DeGaris Kendenup W.A. Development Company" was set up as the debenture issuer.De Garis Kendenup (W.A.) Development Co. Ltd (1920 - ) Guide to Australian Business Records. De Garis planned for subdivision of the estate with a townsite which would include an administrative and civic centre, public parks, recreation areas, factory areas, a school and church sites.
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5; and 8 July 1885, p. 4 In 1889, Boulter turned his energies to finance. He was one of the founders of the Law Debenture Corporation, of which he remained the chairman until his death.The Share Gallery He was also chairman of the Imperial Colonial Finance and Agency Corporation, and the New Investment Company.
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The company went into creditor voluntary liquidation in August 1987 with a deficiency of about £330,000 to unsecured creditors. The liquidator argued the debenture was either a voidable preference or transaction at an undervalue. It also brought a wrongful trading claim against the bank as a shadow director, but that claim was abandoned during the course of trial.
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A prospectus was prepared and sent out to all member Lodges, inviting them to support the building project through a debenture scheme. Debentures worth were issued, the response from the Lodges was overwhelming and the amount was oversubscribed. Chambers and Powell Architects were commissioned to design the building and the Foundation Stone was laid on 4 September 1915.
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The bank was acquired by RBC in 1925. In 1935, RBC merged with Crown Savings and Loan Co. merged with Industrial Mortgage & Trust Co. RBC installed its first computer in 1961, the first in Canadian banking. In the 1960s, RBC Insurance was created. In 1968, it merged with Ontario Loan and Debenture Company (formerly Ontario Savings and Investment Society).
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In 1979, the first school building, now dubbed A Block, was constructed near the Chicago Beach Hotel. After some years of absence, the school has reintroduced a compulsory debenture system, payable for all new pupils entering the school from September 2015. Dubai College was selected to host the COBIS Secondary Games 2016., retrieved March 12, 2016.
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Barleycorn Enterprises Ltd had been put into compulsory winding up. The directors had employed Cardiff based chartered accountants, Mathias and Davies, to prepare a financial statement for the company. Their fee was £202 10s, and were approved by the official receiver. However, the company liquidator argued that the accountants should only be paid after preferential creditors and debenture holders.
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At a directors' meeting on 21 December 1869 it was stated that all the debenture bank loans were overdue and that there were no resources to respond to the demands. It appears that the creditors realised that the company was unable to repay, and had few assets to seize in payment, and the impecunious Company struggled on.
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The company, Peachdart Ltd, carried on the business of manufacturing leather handbags. The company had granted a debenture to Barclays Bank which contained a floating charge over all of the company's assets. That floating charge was duly registered under the Companies Act 1948. Freudenberg Leather Co Ltd supplied substantially all of the leather used by the company.
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He was further helped by the indulgence which Hawkins showed him, and by his own convincing oratory. The essence of his argument was that he was the victim of machinations by the Official Receiver and the Debenture Corporation, who had been determined to win prestige by bringing Bottomley down and wrecking his company.Taylor 2013, p. 219Symons, pp.
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Company directors sent shareholders a prospectus inviting subscriptions for debenture bonds. It said money would go to alter their buildings, buy horses, vans and expand into supplying fish. Really though, the purpose was to pay off liabilities, because the company was in trouble. Mistakenly believing he would get a first charge on company property, Mr Edgington bought bonds.
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The Law Debenture Corporation plc () is a leading British-based investment trust dedicated to a diversified range of investments. It also provides a range of fiduciary services including appointment of agents, directors and trustees for pension funds, trusts and companies. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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At the time of the litigation, the share price stood at £2 14s. The shareholders at the time of the purchase (who now wanted money to pay off a debenture) even though they had voted for the issue, then turned around to the buyers and argued that shares were prohibited from being issued at a discount, and that the transaction was void.
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Riley Motors. Purchase by Lord Nuffield, The Times, Saturday, 10 September 1938; pg. 17; Issue 48096 On 30 September Victor Riley announced that Riley (Coventry) Limited would be wound up but it would appear that the proceeds of liquidation would be insufficient to meet the amount due to debenture holders.Riley (Coventry) Winding Up. The Times, Saturday, 1 October 1938; pg.
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Recorded simply as "narrow", research continues as to its gauge. In 1923 an Act of Parliament was passed authorising abandonment of the railway. its effects were auctioned on 8 August 1924 and the final general meeting wound the company up on 7 July 1925. The debenture holders received 70% of the nominal value of their holdings and the shareholders received nothing.
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Metropolitan Store Cologne, Schildergasse Metropolitan Store Berlin, Tauentzienstraße Debenture of the Peek & Cloppenburg GmbH, issued 1. January 1915 Peek & Cloppenburg is an international chain of retail clothing stores with headquarters in Germany. The chain is operated by two separate and independent companies, Peek & Cloppenburg KG Düsseldorf (known as P&C; West) and Peek & Cloppenburg KG Hamburg (known as P&C; North).
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Newly built sporting venues often offer PSLs to help pay the debt incurred during the construction of the venue. Opponents of PSLs see this as another way to increase the price that fans must afford to attend the venue. Seat licenses have been given various names. The most common term in North America is personal seat license and in Europe is debenture.
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The Etihad Stand The DHL Stand (East Stand) has a capacity of approximately 4,000 and has a row of corporate boxes across the top. The East Stand was the first to be constructed as part of the 1997 redevelopment of The Stoop. A score board also hangs under the roof. The stand has toilets, the main public bar, Debenture Lounge and Players' Lounge.
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The facility was settled when Shahid Khan purchased Fulham in August 2013. ;Southampton In April 2012, a debenture facility was provided to Southampton. ;West Ham United In September 2013, a facility was provided to West Ham United. ;Reading Reading secured a £10m loan against the August 2014 parachute payment due after their relegation from the Premier League, this was secured after relegation.
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At Lenzberg, about 100 government soldiers formed to resist the militia, and brought their guns in position. The Freiämter militia ran toward the militia with wild battle cries, and the government soldiers broke and ran without firing a shot. By 6pm the militia entered Aarau and the commander of government troops surrendered without any resistance. Debenture of Lenzburg, issued 10.
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After an initial order in January 1988 to transfer the Westpac debenture on terms (which Russell contested and sought to avoid), in August 1989, the High Court of New Zealand held that Russell and Downsview acted for their own purposes, and not for proper purposes, in the matter and were thus liable in negligence to First City. Russell was also prohibited from acting as a director, promoter or manager of any company for five years, under s. 189 of the Companies Act of New Zealand.since replaced by the Companies Act 1993 On appeal, the Court of Appeal of New Zealand quashed the High Court's order insofar as it related to Downsview and First City Finance (to which First City had assigned the second debenture), and also quashed the disqualification order against Russell, as the court did not have such jurisdiction under the Act.
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Société Générale's central branch, in Paris, now a Monument historique. Starting in 1894, the bank set up the structures characterising a large, modern credit institution. As well as collecting company and private deposits, its branches started to provide short-term operating credits for industrialists and traders. It also moved into placing shares with the general public, issuing private debenture loans in France and also in Russia.
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In 1992, Leyland DAF Ltd, an English member of the Dutch group DAF Trucks, granted to Stichting Ofasec a mortgage debenture to secure a loan, containing a floating charge. In 1993, the DAF group collapsed, and Ofasec appointed administrative receivers, which crystallised the floating charge into a fixed charge. The receivers realised the assets, paid preferential debts, and made interim distributions to Ofasec. £72m remained.
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In 1876 it was apparent that completion of the line was not possible without additional finance, and an extension of the time allowable by the original act, and the company went to Parliament in 1877 seeking additional capital. A further £400,000 in debenture shares was authorised by the act of 23 July 1877, with further time to complete land acquisition as well as the actual construction.
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The Stonehouse and Nailsworth Railway was a short railway line in the county of Gloucestershire, England. It was promoted independently to connect the industrial town of Nailsworth to the main line railway network at Stonehouse. It opened in 1867, but was immediately in financial difficulty, due largely to debenture interest payments and other financial commitments from the construction. The Midland Railway purchased the line in 1868.
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The 1923 petition heralded a new era in local communications. A debenture issue was sold to finance the $25,000 price paid to the Burgessville Company and its customers. Municipal systems like North Norwich were formed so the capital to finance increasingly sophisticated equipment could be raised by debentures, with each subscriber paying a portion of this levy and operating costs. The municipality owned the system in trust.
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Don Stevens joined the board two years later. In May, North Norwich Municipal Telephones presented Norwich Township Mayor John Heleniak with a $440,000 cheque, paying off the debenture of the old telephone system to the township and releasing subscribers from liability on their land. With the official approval from the Ontario Telephone Service Commission, Hurontario Telephones Ltd. took over the company May 24, 1984.
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In 1883 a new company called the Abercorris Slate and Slab Company Limited was established, with J.W. Orchard as one of its directors. The company failed in 1886 and was wound up in February 1887. Later in 1887 the company was involved in the important legal case Levy vs Abercorris Slate and Slab Co (1887) 37 Ch D 260 over the legal meaning of a debenture.
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The liquidator of Shoe Lace Ltd sought a declaration that a debenture given to Sharp Investments Ltd, which owned 80 per cent of Shoe Lace and was part of a group controlled by the alleged shadow director Mr Mahtani who lived in Ratingen, was invalid under the Insolvency Act 1986 section 245 because it was created after payments to the company. Shoe Lace had shoe shops in Lancashire and Yorkshire but was hopelessly insolvent by April 1990. It gave a debenture to Sharp Investments Ltd secured with a floating charge over the whole undertaking on 24 July. Sharp gave it £300,000 on 3 April, £50,000 in May and £11,500 in July. The Insolvency Act 1986 section 245(2)(a) states that a floating charge is voidable if the value given for the charge does not come after or ‘at the same time’ as the charge created.
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By 1870, the bank had 15 branches in Paris and 32 in the rest of France. It set up a permanent office in London in 1871. At the beginning, the bank used its own resources almost entirely for both financial and banking operations. In 1871, Société Générale moved into the public French issues market with a national debenture loan launched to cover the war indemnity stipulated in the Treaty of Frankfurt.
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A scheme of arrangement (or a "scheme of reconstruction") is a court-approved agreement between a company and its shareholders or creditors (e.g. lenders or debenture holders). It may affect mergers and amalgamations and may alter shareholder or creditor rights. Schemes of arrangement are used to execute arbitrary changes in the structure of a business and thus are used when a reorganisation cannot be achieved by other means.
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It made redundancies but still could not keep up. Mr Creal was old and wanted his son to take over. Mr Glover was 22.5 stone and had arthritis and could not do the work with his previous vitality. In May 1986 its bank, NatWest, granted an overdraft facility, secured with a debenture. It was clear that the company was already insolvent and needed the bank’s help to keep going.
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Funds managed by the firm include the Lord Abbett Income Fund (investing in high-quality bonds), the Lord Abbett Affiliated Fund (investing in large-cap, high quality dividend- paying stocks), Lord Abbett Bond Debenture Fund (investing in below- investment-grade bonds), the Lord Abbett Developing Growth Fund (focusing on small-cap stock management), and the Lord Abbett Mid Cap Stock Fund (investing in high-growth, medium-sized companies).
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Ahead of the MBTA's 2009 restructuring with the Massachusetts Department of Transportation (MassDOT), the MBTA had a total debenture of over US$8 billion.Q&A; on parking rates increase Accessed July 10, 2009 As a direct result, MBTA fares and parking fees have increased significantly. On July 1, 2012, MBTA fares went up as well as multiple service cuts, another fare hike took place on July 1, 2016.
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The Stechford Club Ltd was registered on October 4, 1907 although the first meeting was not held until October 9, 1907. For the first seven years operated from leased premises which were part of the old Masonic Hall in Station Road. In 1914, the present club building was completed. The land cost £236 15s 6d and the building cost £1160, the funds were raised by a debenture scheme.
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A rugby debenture is somewhat different as, in the most part, no money in the form of interest is returned to the lender but the rights to obtain tickets for a seat in that ground. The exact terms of the debentures vary from issue to issue but will be covered in the main here. Charlton Athletic also used this financial method to aid their move back to The Valley.
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Capital Certificates and Debentures do not guarantee an entry to the School. Individual Capital Certificates and Individual Debentures are refunded if the applicant fails to get through the assessments. The school planned to expand its school building for new facilities. Some parents felt a lack of consultation when the school announced to increase the annual capital levy by HKD10000 to non-debenture holders and issue new capital certificates at HKD5million.
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Boulter used the Law Debenture Corporation to assist in raising funds for expansion of the hotel and was appointed vice-chairman of the Savoy hotel group."Mr. Stanley Boulter", obituary, The Times, 8 January 1917, p. 6 After his wife's death in 1913, he continued as vice-chairman and assisted the new chairman, her stepson Rupert D'Oyly Carte, with matters related to the D'Oyly Carte businesses.The Times, 12 November 1915, p.
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Celebrating Llanelli RFC's 1972 win over New Zealand, the lyrics of the fourth verse follow; "But we all had doctors' papers, and they all said just the same, that we all had Scarlet Fever, and we caught it at the game". Boyce, whose comedic songs are now linked to the sport of rugby union, included four rugby songs, "I Gave My Love a Debenture", "Deck of Cards", "The Devil's Marking Me" and "Pontypool Front Row", the last of which celebrates the Wales and British Lions trio of Graham Price, Bobby Windsor and Charlie Faulkner. Of the songs on the album "Sospan Fach" and "Ar Lan y Môr" are both traditional Welsh folk songs, while "Swansea Town" is written by Swansea songwriter and composer, John M. Davies; the rest are original works by Boyce. "I Gave My Love a Debenture" is a parody of the song commonly known as "I Gave My Love a Cherry".
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In July 1893 it again became obvious that the Company would be unable to pay debenture interest falling due, and the Company immediately went into administration. There was no hope of escaping by the Company's own efforts, and sale to the GWR and the Midland Railway together was found to be the only way out. A price was agreed, at £477,300. The SBR and the S≀ together had cost £951,349 to construct.
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In the early 1990s, fund performance and asset growth slowed, prompting the company to reorganize. After Managing Partner Ronald Lynch's passing in 1996, there was speculation that the firm would be sold. Lynch's successor, Robert Dow, opted to keep the company independent. Dow (who had previously managed the Lord Abbett Bond Debenture Fund) increased the number of partners and expanded the mutual fund lineup to include international stocks and large-cap growth stocks.
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Banco Exterior SA took a secured debenture on 18 October 1983 on all property and assets, present and future, including good will, book debts and uncalled capital (but fixed assets were only £5000). They also took a personal guarantee from David for £30K. The draft accounts for 1984-6 were produced by auditors six months late in January 1987. They showed a £55K loss and £29K loss, with liabilities over assets reaching £175K.
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Full page advertisement for Belsize cars, appearing in the 7th edition of "The Autocar Handbook" (London) published during World War I, c. 1917. There is no vehicle visible, only an empty road! 10 hp Belsize of 1912 in the Manchester Museum of Science and Industry 10 hp Belsize 10/12 hp Tourer 1912 Debenture stock certificate of Belsize Motors Ltd, issued 16. May 1924 Established in 1901, Belsize Motors was based in Clayton, Manchester, England.
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Mactrac Ltd was a company carrying on the business of builders and civil engineers. Mactrac Ltd was the beneficial owner of 100% of the issued share capital in C&K; (Construction) Ltd. On 3 March 1962 a receiver was appointed with respect to Mactrac Ltd by a debenture holder. Accounts would later show that at this time the company had a deficiency of assets against liabilities in the total sum of £389,977.
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Above the Clubhouse Bar on the second floor is the International Bar which is full of rugby memorabilia past and present, with views onto the pitch. Opposite is the Hallmark Bar which hosts an exclusive bar and dining area open to West Stand Debenture holders. The West Stand is also home to the indoor training centre, changing rooms and rugby department offices which become the main training area for the Warriors during the week.
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The Forth Bridge Railway Company was named in the Transport Act 1947 as one of the bodies to be nationalised and so became part of British Railways on 1 January 1948. Under the Act, Forth Bridge shareholders would receive £109 of British Transport stock for each £100 of Forth Bridge Debenture stock; and £104 17s 6d of British Transport stock for each £100 of Forth Bridge Ordinary stock.Transport Act 1947, fourth schedule, p.
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Its remaining assets were worth approximately $370,000, far less than the value of its proposed debenture offering. Despite this, Lorenzo continued attempting to sell the debentures on the market, sending emails to prospective investors which stated that the company had $10 million in 'confirmed assets', which would protect investors against losses. According to Lorenzo, his boss at Charles Vista LLC had supplied the content of the emails and approved their dissemination to investors.
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In 1842, she made a self-portrait, which is now on display at the entrance of her museum. She died in her sleep in London on 16 April 1850. First Mortgage Debenture Stock of Madame Tussaud's Ltd., issued 15. September 1949 By 1883, the restricted space and rising cost of the Baker Street site prompted her grandson Joseph Randall to commission construction of a building at the museum's current location on Marylebone Road.
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Matcham rarely ventured away from theatres, but did on occasion. He was commissioned by the Blackpool Tower Company, a Standard Contract & Debenture Corporation, to design the decoration for the ballroom, which formed part of their entertainment complex in Blackpool, Lancashire.Walker, p. 127. The ballroom's interior was Matcham's only design for the complex, although Historic England consider it probable that he was also responsible for the remodelling of the circus, also within the complex, in 1900.
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Wilson-Raybould was appointed the We Wai Kai representative to the FNFA. The Borrowing Members of the FNFA elected Wilson- Raybould as the Chair in 2013, 2014 and 2015. The FNFA is a not-for-profit that pools the public borrowing requirements of qualifying First Nations and issues bonds on the strength of a central credit. Under Wilson-Raybould's chair, the FNFA issued its inaugural debenture in 2014 in the amount $96 million.
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As a commercial bank, BayernLB Group offers private and commercial customers a universal range of services in private, industrial, investment and foreign business. This includes loans, securities trading and asset management, as well as mid-term and long-term bond issuance and securitization. The bank is refinanced through a variety of commercial debenture instruments. As a state and municipal bank, BayernLB is responsible for comprehensive credit and financial counsel for the state of Bavaria and its municipalities and districts.
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Interest for the last six months of 1892 would be paid in cash at a 7 percent annual rate. The new bonds would carry coupons for all other past-due interest, to be paid at a 6 percent annual rate. Additionally, redeemed bondholders would receive an income debenture equal to 20 percent of the bond's face value. Only $100,000 ($ in dollars) in income debentures would be issued, carrying a 7 percent (or less) annual interest rate.
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One area subject to the '34 Act's regulation is the physical place where securities (stocks, bonds, notes of debenture) are exchanged. Here, agents of the exchange, or specialists, act as middlemen for the competing interests in the buying and selling of securities. An important function of the specialist is to inject liquidity and price continuity into the market. Some of the more well known exchanges include the New York Stock Exchange, the NASDAQ and the NYSE American.
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Edwin Waterhouse Edwin Waterhouse (4 June 1841 – 17 September 1917) was an English accountant. He is best known for having co-founded, with Samuel Lowell Price and William Hopkins Holyland, the accountancy practice of Price Waterhouse that now forms part of PricewaterhouseCoopers. In 1889 Waterhouse, along with a group of prominent businessmen, politicians and lawyers, founded The Law Debenture Corporation. He also served as president of the Institute of Chartered Accountants for the years 1892 to 1894.
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On 6 June, just eight days after the official opening, Leolyn Hart closed the exhibition and told workmen who were still finishing some of the displays not to come into work. Gate receipts were poor and the original funding of £100,000 had been exhausted. The debenture holders wanted the exhibition to stay open to try to recoup some of their losses. Arthur Collins was appointed as the receiver and attempted to raise further funds from local supporters.
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Another view of Castalia Completed in October, trials soon showed that she was too slow. Castalia was returned to her makers for new boilers and paddles to be fitted. A debenture of £16,000 being sought by the English Channel Steamship Company to finance the improvements. On her delivery voyage from Gravesend, Kent to Dover on 15 September 1874, trouble was experienced with priming of her boilers, necessitating a reduction to half-power, although a speed of was attained.
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This charity was founded by Mrs Fuller in 1708. It was originally funded from her Free School endowment, but by an Order made in 1905 under the Board of Education Act 1899, £196 in Midland Railway debenture stock was transferred from the funds of the school to new Trustees to provide £3 18s. a year for distribution in bread to the poor of Watford and £1 a year to the Vicar of Watford for a sermon.
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She had a strained relationship with her emotionally distant father, who she claimed had died in 2001 (he actually died in 2004 unaware that Vincent had predeceased him). She attended Melcombe Primary School and Fulham Gilliatt School for Girls, and left school at age sixteen with no qualifications. at SXSW Film Fest 2012-05-25 In 1985, Vincent began working as a secretary at OCL in the City of London. She then worked at C.Itoh and Law Debenture before joining Ernst & Young.
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When the Aviva Stadium was built, the FAI launched an ambitious premium debenture ticket scheme called the Vantage Club to help fund the association's share of the renovation costs. In September 2008, when the scheme was launched, it was estimated by the FAI that they needed to sell only 60% of the 10,000 seats to break even. However by 2019, just over 4,000 seats had been 'allocated' according to the FAI. The term 'allocated' included seats which were not being paid for.
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He was a senior partner in the firm Lawrie & Ker of Edinburgh. In 1925, he became a member of the Edinburgh Stock Exchange Committee; in 1931 he was elected its chairman. He held many directorships of various companies:- the first, second and third Edinburgh Investment Trusts; Murrayfield Ice Rink and Sports Stadium; Oregon Mortgage Company; Realisation and Debenture Corporation of Scotland; the Scottish Insurance Corporation; and the Scottish Reversionary Company. He was Chairman of Rest Hotels; and the St. Andrews Trust.
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The Pfandbrief (plural: Pfandbriefe), a mostly triple-A rated German bank debenture, has become the blueprint of many covered bond models in Europe and beyond. The Pfandbrief is collateralized by long-term assets such as property mortgages or public sector loans as stipulated in the Pfandbrief Act. Total volume outstanding in Pfandbriefe was EUR 806 billion as at end-2008.Deutsche Bundesbank Pfandbrief bonds make up the third largest segment of the German bond market after public sector bonds and unsecured bank debt.
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An LNWR engine was hired in to test the track. The company could not afford to purchase a locomotive, and train services were operated using a hired 0-4-2 saddle tank named Hebe. Four passenger coaches were procured by a group of debenture holders, who formed the Garstang Rolling Stock Company on 12 October 1870 for the purpose.Perkins The permanent way consisted of 48 lb rails fastened to longitudinal sleepers, although a portion was laid with 56 lb bridge rails.
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Bangor station, Gwynedd in the 1950sAt length the LNWR offered an advance of £250,000 to finish the works and lease the railway. The arrangement was to last seven years, and the LNWR guaranteed 4% on the debentures. However the lease needed Parliamentary authorisation, and the GWR made it clear it would demand running powers, which frightened the LNWR off. Now Samuel Peto joined the board and personally funded debenture payments that the C&HR; Was otherwise unable to meet. He was elected Chairman on 12 February 1851.
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An official receiver was appointed to pursue the former directors of the Anglo-Austrian Printing & Publishing Union for misfeasance, and other funds. It recovered £7000 in damages for misfeasance and £1200 in calls on unpaid shares from former shareholders. However, a group of debenture holders had not yet been paid. They claimed the money recovered was theirs, given that it first went to the company on which they held charges, and could not be used to pay unsecured creditors before the debentures were paid off.
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The combined company was not commercially successful, and went into administration. A scheme of arrangement with its creditors was agreed in 1885, but the line continued in difficult financial circumstances. The apportionment of income and costs between the Bridge section and the Forest (S≀) section of the combined company, and between debenture holders and ordinary and preference shareholders continued to be a source of antagonism. In addition much expenditure was necessary in modernising the S≀ section infrastructure, and in dredging at Lydney.
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In fact, after initial enthusiasm, the debenture share issue only had a limited takeup until much later. The Great Western Railway agreed to work the line when it opened, but presented a number of requirements for facilities which the company had not thought to provide and which they could ill afford. The Company now decided to concentrate on opening between Bourton and Cheltenham. On 28 March 1881 Colonel Rich of the Board of Trade visited the line to review its suitability for passenger operation.
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The board admitted that they were "not yet in a state to pay a dividend". Walter Bentinck had debenture bonds due on 10 February 1866. The company was unable to pay, and Bentinck took them to the Court of Chancery where he obtained judgment in his favour for £3,039, "payable in land if not in cash". The company had no cash and no spare land, so the matter escalated, and in the end the GER paid Bentinck in order to settle the matter in November 1866.
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Shortly thereafter a charter was granted by the Department of Telephones and the company was started by issuing a debenture. On February 5, 1917, a tender of $11,298.40 by Heise, O'Bready and Small of Elstow was accepted for the construction of the system. The switchboard was located in the store of A. G. Bridger, who was also publisher of the district news sheet. Bridger resigned in 1919, and George Manning became secretary-treasurer and operator. His salary was $40 a month plus long distance commissions.
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Of that cost, $13.1 million was for construction, and the remainder for associated charges, including moving municipal staff from the previous offices. It includes a public-use gymnasium. The capital project was partially financed by selling the strip mall for $10.75 million, with the remainder obtained from a $4 million debenture, $4.5 million from the infrastructure reserve fund, $1.5 million from development charges, and a $1 million capital contribution from the Regional Municipality of York. The facility has a geothermal heat pump system, and charging stations for electric vehicles.
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In 1958, 180 residents built the East St. Paul Curling Club. There is a plaque in the building that identifies all the residents that contributed a $100 debenture so that funds could be raised for the club. In 1960 residents again got together and built an outdoor hockey rink on land donated by the municipality, right behind the curling rink. East St. Paul's recreation centre offers curling, outdoor and indoor ice hockey, summer pickleball, other fitness programs, and there is an outdoor recreation complex for skateboarding, soccer and baseball fields.
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Prototypes both machines were completed and demonstrated publicly at various trade shows. However the company was rapidly running out of money, and in September 1969 they started the process of raising a debenture offering to fund continued development. Shortly after these were sold in January 1970, the company made their first sale, a Risar for The New York Times. In this particular case the Risar was controlled by an IBM System/360 computer with a 24 k (words or bytes is not clear) index database, with abstracts being held on an associated disk system.
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Eve J held that it was not open to the judge to declare the debenture as a whole invalid, so that no debt would be repaid at all. He was only allowed to declare the charge invalid, because that is all that Companies (Consolidation) Act 1908, section 212 (now Insolvency Act 1986, section 245) affected. The charge could not be merged with the debt itself. Nevertheless, it might well be argued yet that the whole transaction was invalid as a fraudulent preference, but that was not done here.
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Siebe Gorman, a diving equipment company, granted a debenture in favour of Barclays Bank to secure a loan. The document was expressed to create a ‘first fixed charge’ over all present and future book debts. It required Siebe Gorman to pay the proceeds of its book debts into a Barclays Bank account, and prohibited Siebe Gorman from creating any other charges on those book debts, or assigning the book debts to anyone else. So there was a prohibition on dealing with the book debts before collection of them.
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The sale was financed by a debenture Charge over the assets of Ceroc Enterprises over the assets of the company held by Mike Ellard. As of 2008, Ceroc Enterprises has franchises operating in Ireland, France, Italy, Spain, the UAE, Canada, the United States and Hong Kong. As of September 2008, there are over 30 Ceroc franchises running in the United KingdomCeroc franchises in the UK Ceroc Franchising information and 150 Ceroc venues there. There are also Ceroc organizations in the United States, Canada, Australia, New Zealand, Singapore, Hong Kong, South Africa and Dubai.
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The B&MR; built a new station at Talyllyn; it opened on 1 October 1869. While it was being built the B&M;'s old station, called Brynderwen, could not be used, so trains from Brecon to Dowlais set back from the east junction to the platform of the Mid-Wales station on the east loop.Kidner, page 26 In 1879 the MWR's debenture holders went to Court in the Chancery Division, and a Receiver was appointed. The company had issued £275,706 in debentures and was unable to meet the interest.
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In the Netherlands, litigation was ongoing meaning this sum could have been insufficient to meet the claims of the debenture holder. In 1996, Leyland DAF Ltd entered voluntary liquidation. The liquidator’s costs exceeded the amount realised, but they applied for a declaration that their expenses and pay should come out of the proceeds of the realisation of the assets of Leyland DAF Ltd including those subject to a floating charge. Rimer J held that under Insolvency Act 1986, section 175(2)(b) the liquidators were entitled to have their expenses.
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Only debenture holders are permitted to sell on their tickets to third parties and demand for debentures has increased in recent years, to such an extent that they are even traded on the London Stock Exchange. Wimbledon and the French Open are the only Grand Slam tournaments where fans without tickets for play can queue up and still get seats on the three show courts on the day of the match. Sequentially numbered queue cards were introduced in 2003. From 2008, there is a single queue, allotted about 500 seats for each court.
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In December 2009 Hanover Group debenture holders, note holders and bond holders were given another opportunity to vote for receivership or for the new plan with Allied. 75% voted in favour of swapping their debentures, notes and bonds for shares in Allied Farmers Limited. This transaction resulted in Allied Farmers assuming the net asset position of the Hanover Group finance companies. Allied Farmers put their finance company Allied Nationwide into receivership on 20 August 2010 and as at March 2011 shares in were worth only a fraction of what they were traded for.
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The nearly $1,000,000 expansion project, led by expansion committee chairman Otis Robbins, was financed by donations from the Buffalo Hill members, sales of debenture bonds, and matching funds from the Bureau of Outdoor Recreation. An 82-acre tract of land was donated by Kalispell furniture merchant Duane Bitney and businessman Sid Torgerson for the project. The cooperative efforts and commitment to the completion of this expansion reflected the heart, dedication, and vision of the leaders of the Kalispell Golf Association of that era. PGA head professional George Haddow served at Buffalo Hill for 25 years.
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Fixture congestion meant that the 2013 Scottish Cup Final could not be moved to an earlier weekend. Both clubs received an allocation of approximately 20,000 tickets, out of a total capacity at Hampden Park of 52,063. The remaining seats were accounted for by Hampden Park debenture holders, hospitality, sponsors, media and segregation areas. Tickets cost £35 in the North and South Stands, with prices set at £28 for adults and £10 for concessions (adults aged over 65, matriculated students and children under 16 years old) in the West and East Stands.
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Yet, twice in 1866, he proposed a 3% dividend on ordinary shares, only for the share price to decline. On the second occasion, a new company secretary, John Walker, alerted the finance committee to poor company finances. A new preference share issue had been flopped, and it was impossible to pay debenture interest and preference share-guaranteed dividends. This revelation saw ordinary shares fall in value by 8% overnight, and widespread financial impropriety and falsification accounts were blamed on Hodgson, causing a special general meeting on 14 November 1866.
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Despite the lack of capital, the new company somehow managed to finance improvements to Sheffield Basin, including a four-storey warehouse which straddled part of the basin. Banks were raised and the canals were dredged, and for the first and only time, tonnage carried exceeded one million tons in 1896. They were also faced with the prospect of funding their half of the New Junction Canal, to provide the connection with the Aire and Calder Navigation. This was achieved by creating £150,000 of debenture stock and by mortgages.
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Goods sidings too had to be provided there. White refers to the station as being "a small corrugated iron one" but he meant the booking office; the platform and the accommodation generally was remarkably extensive.H P White, A Regional History of the Railways of Great Britain: volume 2: Southern England, Phoenix House Limited, London, 1961 The IoWCR had acquired additional passenger coaches under the 1911 agreement, and the FY&NR; were obliged under that agreement to buy them on. They had to issue debenture stock to pay for them.
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The rehabilitation was as expensive as had been forecast. The Club not only spent all its account balances but had to arrange for an overdraft which at one time was over $400,000. (The price of daily newspaper in Hong Kong was 20 cents in 1947/48.) To reduce this liability a debenture issue was authorised on the basis of HK$500 per member. A few of the long established firms such as the Hong Kong Bank and Jardines also took up a number of the debentures to aid the Club.
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The remaining seats are accounted for by Hampden Park debenture holders, hospitality, sponsors, media and segregation areas. In excess of 1,000 unused debentures were distributed to each club. The allocation was enough to provide for the season ticket holders of each club, with Hearts having 10,000 and Hibs 7,500 approximately, although both clubs anticipated that there would be little or no need for a general public sale. Hearts decided to sell tickets using their loyalty points system, while Hibs connected their allocation to sales of season tickets and memberships.
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The following month £10,000 worth of mortgage debenture bonds were released to the same ends. The Football Association would reject the club's ground improvement scheme, without giving a reason. As the season entered its final stretch top scorer Jennings was dropped from the squad, and no adequate replacement was found until Stewart Littlewood was re- signed from Oldham Athletic, with Fishwick sold to Tranmere Rovers in order to meet Oldham's demands. In early April the "Valiants" beat high-flying West Bromwich Albion and Tottenham Hotspur, thereby keeping hopes of promotion high.
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The working arrangement with the NBR was considered onerous by the Northumberland Central directors, but there was no alternative. Operations made a small profit in the early weeks, but that soon turned to a loss. The line had cost £95,000 to build,Sewell, page 85, quoting the Company Engineer at a Shareholders' Meeting of 21 August 1871; Ross says £54,000 on page 79. and the Company owed £9,600 to contractors, as well as having incurred heavy debenture debts and issued preference shares, and it was obvious that financial disaster was imminent.
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Mr. Creedon was president of the American Bar Foundation from 1980 to 1982 and chairman of the Business Law Section of the American Bar Association in 1975 - 1976. In the early 1970s, he served as Editor of the Business Lawyer, the pre- eminent legal periodical for business lawyers in the United States. He also served as a member of the Committee which prepared the Model Debenture Indenture and the Commentaries on its Provisions, a landmark project of the American Bar Foundation. Creedon wrote numerous articles published in the Business Lawyer and other legal publications.
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It was reported that the company might be restructured in order to resolve this issue. cross-compound steam engine with drop-inlet valves and a uniflow low-pressure cylinder. Originally installed at Elm Street Mill, Burnley, in 1926 – the last new reciprocating steam engine supplied to a cotton mill – the engine is now preserved at the Museum of Science & Industry (MOSI) in Manchester. There was a restructuring of the company on 27 July 1925, a scheme of arrangement being made with shareholders and debenture holders such that the capital was reduced from £330,000 to £198,192.
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The extension was funded by issuing 4.5 percent debenture stock, backed by a government guarantee. Work on the extension started on 31 December 1923 at Clapham, and the line and the depot were opened on 13 September 1926. Trains of 1956 Stock (left) and 1959 Stock (centre and right) stabled at Morden in 1988 In order to run the extended service, the first trains of what became known as Standard Stock were ordered. 191 cars were ordered in 1923 from three manufacturers, with a further 127 in 1924 and 120 in 1925.
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Former IBJ head office building in Tokyo, currently undergoing demolition IBJ was founded as a public-sector bank under the Industrial Bank of Japan Act of 1902. At that time, Japan was in the throes of its industrial revolution, and there was a strong demand for long- term investment capital. IBJ raised funds by issuing bank debentures. IBJ also acted as the trustee in corporate debenture issues - notably, the major Japanese railway company issue of 1906 in London, amount to the then-enormous sum of 1 million pounds sterling.
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The following financial year, NZ$68.5m was contributed to Hanover by entities associated with Watson and Hotchin. In December 2009 Hanover Group debenture holders, note holders and bond holders voted in favour of swapping their debentures, notes and bonds for shares in Allied Farmers Limited (NZX: ALF). This transaction resulted in ALF assuming the net asset position of the Hanover Group finance companies. When Hanover collapsed, causing significant losses for many small investors, concerns were raised about Hanover group's true financial position, its solvency when paying dividends, transactions that may have benefited related parties, and the accuracy of asset valuations.
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At a shareholders' meeting on 21 February 1883, a shareholder complained that running costs were too high, at 53% of gross receipts. In fact shareholders could expect a regular dividend as high as any paid by a railway company in Great Britain, but the differing classes of stock, with preference and debenture issues, which had differing levels of dividend distribution, continued to generate dissatisfaction. In 1889 the company placed a Bill before Parliament to consolidate and rearrange the capital: it received the Royal Assent on 25 July 1890. The authorised capital was £402,312 and borrowings amounted to £196,911.
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What began as a grant of eventually became — by the 1680s, after various wranglings and adjustments — over situated in nine counties, and Erasmus had an estimated worth of £120,000. Some of these lands, notably those in Connaught, may have been obtained fraudulently by Erasmus, who together with his nephew Edward Smith, sat on the committee based at Grocers' Hall whose purpose was the allocation of lots for the distribution of land between the debenture holders. Edward Smith was subsequently appointed to a Court of Claims in Dublin, where he may also have favoured his uncle Erasmus in his applications for land.
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On 1894, the syndicate incorporated a contractor to construct the railway, the Electric Traction Company Limited (ETCL), which agreed a construction cost of £2,544,000 (approximately £ today) plus £700,000 in 4 per cent debenture stock. When the syndicate offered 285,000 CLR company shares for sale at £10 each in June 1895, only 14 per cent was bought by the British public, which was cautious of such investments following failures of similar railway schemes. Some shares were sold in Europe and the United States, but the unsold remainder was bought by members of the syndicate or by the ETCL.
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McLintock did not report this activity as fraudulent, although politicians used the term when the matter was discussed in the House of Commons. On his return from South Africa Kylsant was arrested and charged with making false statements with regard to company accounts for 1926 and 1927, contrary to section 84 of the Larceny Act 1861. The company auditor, Harold John Morland, was charged with aiding and abetting the same offences. Kylsant was also charged with issuing a document (the prospectus issued for the 1928 debenture stock issue) with intent to deceive, contrary to section 84 of the Larceny Act 1861.
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In Jan 2012, there was a large investment by Mukesh Ambani's Reliance Industries in a complex deal that offered a possibility that Ambani-held Independent Media Trust (IMT) might eventually gain a controlling interest.Quote: the instrumentality ... is an optionally convertible debenture which has every possibility of turning into equity. Analysts say that going forward, Ambani will turn into a majority stake-holder of Network 18 and TV18 through this mechanism. On 29 May 2014, Mukesh Ambani owned Reliance Industries (RI), purchased the company for a reported Rs. 40 billion In July 2014, the ownership was transferred to Independent Media Trust.
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By November 1953, the distillery could not afford to pay the duty to release whiskey ordered for Christmas from bond, and production was forced to come to a halt. Although distilling had stopped, the firm struggled on until 27 November 1958, when a debenture issued in 1953 fell due, which the distillery could not afford to pay, forcing the bank to call in the receivers. Thus, bringing to an end 201 years of distilling in the town. In 1962, the distillery was purchased for £10,000 by Karl Heinz Moller, a German businessman, who owned a motor distribution company in Hamburg.
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Small share holders held worthless shares while the banks benefited by being to keep the assets on their balance sheets until the time was opportune to manage a liquidation, thus preventing a banking crisis. LCC attempted a capital raising exercise in 1931, the prospectus being published in The Times on 26 March. It was for £2 million six-year 6.5% First Mortgage Debenture Stock and in the event, though competitively priced, 96% was left with the underwriters, The Sun Insurance Office. Lancashire had been too hurt, and become too sceptical, by the debacle of its cotton industry and there was no faith left.
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This was the World War I boom time for metal prices and other copper smelting companies, especially in the Cloncurry district, experienced the greatest prosperity they had ever known while Chillagoe was closed. In July 1915, six weeks after the election of the Ryan-Theodore Labor Government the Chillagoe Company approached the Government about the sale of the railway. By Christmas the Government had found the possible means of funding upgrading of the smelters and mines by a mortgage over the railway. The agreement between the Queensland Government and the debenture and shareholders had to be passed by Parliament.
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It was thought prior to 1997 that the amount paid by a director following a wrongful trading claim was simply paid to the liquidator and it became available to swell the assets of the company generally. In most instances there would have been substantial bank borrowings secured by a debenture and personal guarantees given by the directors. Many directors chose not to fight the claims, reasoning that any amounts paid to company (hence the bank under its mortgage security) via a wrongful trading claim, simply reduced the director's liability under their personal guarantees. It was therefore irrelevant how the directors repaid the bank.
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The railway cost £48,000 which Gordon raised by means of £36,000 in shares and £12,000 in debenture bonds. The remains of the old station can still be seen incorporated into a new building at the entrance to Gordon Avenue. It is almost certain that Gordon tried to sell the Priory in 1895. Despite access to the Gordon Family records and research by Debenham, Tewson & Chinnocks who still practice in the city, no reason for the failure of the hotel has been identified nor why it was not auctioned unless, of course, it failed to meet its reserve price.
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In finance, subordinated debt (also known as subordinated loan, subordinated bond, subordinated debenture or junior debt) is debt which ranks after other debts if a company falls into liquidation or bankruptcy. Such debt is referred to as 'subordinate', because the debt providers (the lenders) have subordinate status in relationship to the normal debt. Subordinated debt has a lower priority than other bonds of the issuer in case of liquidation during bankruptcy, and ranks below: the liquidator, government tax authorities and senior debt holders in the hierarchy of creditors. Debt instruments with the lowest seniority are known as subordinated debt instruments.
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Throughout the 1950s, North Norwich continued to grow and change. The storm of February 1950 spelled trouble for the company, as the expenditures for that year had far exceeded revenues, and the reserve fund had also been used up. In auditor Donald McKee's financial report to the annual meeting it was revealed that five tons of wire had to be restored. In February 1951 subscribers (shareholders) met in Burgessville where they voted unanimously in favour of a recommendation that the North Norwich Township Council be asked to raise a $20,000 debenture to finance a construction scheme to begin in the spring.
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Lonsdale was a director of the Lancashire and Yorkshire Bank and of the North of England Debenture Company, chairman of Levenstein Ltd and vice-chairman of the Manchester Ship Canal Warehousing Company. In 1895 he was appointed High Sheriff of Armagh, succeeding William Maynard Sinton. He was elected a Member of Parliament for Mid-Armagh in a by- election in February 1900, and sat until 1918. During his time in parliament, he acted as a whip for the Irish Unionist Party in the House of Commons for 15 years, and was a strong opponent of Home Rule.
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John Galloway junior had been increasingly involved in the management of the partnership as it grew rapidly but the restructuring of the partnership as a company saw Charles John Galloway installed as chairman and managing director. John Galloway junior had numerous other business interests, and was a JP (as was Charles) and had a great interest in philanthropy. His business interests included being chairman of Earle's Shipbuilding and Engineering Company at Hull, and a director of Carnforth Hematite Iron Co, (correct spelling, founded 1865) the North of England Trustee, Debenture & Assets Corporation Ltd., Hoyland & Silkstone Colliery Co. and the Blackpool Land Company.
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SBI Capital Markets (SBICAPS) is a wholly owned investment banking subsidiary of State Bank of India (SBI). Headquartered in Mumbai, SBICAP has 5 regional offices across India (Ahmedabad, Chennai, Hyderabad, Kolkata and New Delhi), 2 branch offices (Pune and Guwahati) and 5 subsidiaries - SBICAP Securities Limited, SBICAP Trustee Company Limited, SBICAP Ventures Limited, SBICAP (UK) Limited and SBICAP (Singapore) Limited. SBICAP also offers services in the areas of Equity Broking & Research,Security Agency & Debenture Trusteeship and Private Equity Investment & Asset Management through its wholly owned subsidiaries SBICAP Securities Limited, SBICAP Trustee Co. Ltd and SBICAP Ventures Limited, respectively.
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"How the voting went throughout Etobicoke", (December 5, 1972), Toronto Star, pg 13 He remained on the Board of Control until 1984 when he was chosen mayor by Etobicoke council, to fill a vacancy caused when incumbent mayor Dennis Flynn stepped down upon being elected Metro Toronto Chairman. Before public office, Sinclair worked for Bell Gouinlock (Securities) Limited and Etobicoke Board of Education (as a math teacher, counsellor and consultant). In his first few months as mayor, Sinclair continued to operate a consulting business he had run for several years, giving advice to Ontario municipalities on debenture financing, leading to criticism from other members of council.
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A new company was formed in 1932 called the South Shields Greyhound Stadium Ltd with the intention to construct a greyhound track around the pitch. The final expenditure for the build went considerably over budget. The first race meeting took place on Saturday 11 March 1933 under the National Greyhound Racing Club rules of racing with the Managing Director listed as Mr S J Hawes, the General Manager was R Gilfillan and the Racing Manager was Major H Carew. On 31 October the initial accounts were released showing a profit of £1,631 despite bank debenture loan repayments of £3,431 and income tax of £800.
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Transaction banking: Formed in April 2015, TxB provides integrated products and services to customers in areas of current accounts, cash management services, capital market services, trade, foreign exchange and derivatives, cross-border trade and correspondent banking services and tax collections on behalf of the Government and various State Governments in India. Investment banking and trustee services: The bank provides investment banking and trusteeship services through its owned subsidiaries. Axis Capital Limited provides investment banking services relating to equity capital markets, institutional stock brokering besides M&A; advisory. Axis Trustee Services Limited is engaged in trusteeship activities, acting as debenture trustee and as trustee to various securitization trusts.
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Reid was born in Cornwallis Township, Kings County, Nova Scotia, in the community of Steam Mill Village on November 3, 1866 but ventured to British Columbia in 1885 to Victoria, British Columbia in 1885 to write the provincial teacher's examination. During this experience he met Frederic W. Howay, with whom he established a personal and professional relationship that lasted sixty years. Reid persuaded Howay to return to Nova Scotia with him to register for Law at Dalhousie University, from which they graduated together in 1890 and in 1893 formed the lawfirm Howay & Reid. Reid was appointed debenture commissioner for New Westminster after that city's Great Fire in 1898.
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Construction of the line was exceedingly slow due to difficulty in raising money. Although some work had been done in 1867, in 1868 it was reported that work was at a standstill, and that Parliamentary authority of an extension of time needed to be applied for.Directors' Report to Shareholders' General Meeting, 29 February 1868, partly quoted in Kingdom In 1869 authorityBuckfastleigh, Totnes and South Devon Railway Act, 1869 was obtained to raise some money by the issue of 5% preference shares,Subscribers were guaranteed their 5% if the Company made enough net profit to pay that, and this dividend took precedence over the dividend for ordinary shares. and certain debenture loans.
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The liquidator of Parkes Garage (Swadlincote) Ltd sought a declaration that a floating charge on the company's property given by a debenture to a creditor, Mr Oswald Ling, was invalid. Parkes Garage Ltd, a garage proprietor and motor dealer, went insolvent in March 1927 (though this only transpired during litigation). On 15 June it executed a floating charge for a group of creditors (the trustee acting for the group was an accountant named Mr Oswald Ling). On 27 July the company sold part of the business and used that cash to pay off the group of creditors, with interest and a fee to Mr Ling.
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At that time, seven people were required to register a company, possibly because the legislature had viewed the appropriate business vehicle for fewer people to be a partnership.See R Grantham, 'The Doctrinal Basis of Company Law' (1998) 57 Cambridge Law Journal 554, 560 Mr Salomon met this requirement by getting six family members to subscribe for one share each. Then, in return for money he lent the company, he made the company issue a debenture, which would secure his debt in priority to other creditors in the event of insolvency. The company did go insolvent, and the company liquidator, acting on behalf of unpaid creditors attempted to sue Mr Salomon personally.
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The township issued a request for tender in 2017, but all six applications received by the November deadline exceeded the specified $9.05 million budget. In 2018 the request for tender was re-issued after the architectural designs were modified to reduce costs, and all twelve submissions once again exceeded the preliminary budget; the contract was awarded because township staff believed "that it is highly unlikely further delay will result in better pricing". The awarded construction contact is valued at $8,426,500, with a total project budget of $10,764,000. Funding will consist of $5,393,052 from development charges, $3 million from the issue of a debenture, and about $600,000 from reserves.
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Over the first year of the debt repayment plan, six cents in the dollar was repaid to investors, however the property market had continued to worsen and it appeared the company was heading for receivership. In 2009 Hanover was approached by Allied Farmers to buy the assets of Hanover Finance and United Finance, effectively held in limbo by the repayment plan. In December 2009 Hanover Group debenture holders, note holders and bond holders were given another opportunity to vote for receivership or for the new plan with Allied. 75% voted in favour of swapping their debentures, notes and bonds for shares in Allied Farmers Limited.
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In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. It is a hybrid security with debt- and equity-like features. It originated in the mid-19th century, and was used by early speculators such as Jacob Little and Daniel Drew to counter market cornering. Convertible bonds are most often issued by companies with a low credit rating and high growth potential.
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William Jenkins was succeeded by the manager under him, George Ainsworth, who served as general manager from 1851 until his death in 1894. Buried 21 January 1920, Blackhill Cemetery, Consett, County Durham.Wilson, 1973 The company initially remained in profit, but its equipment and technology was not updated due to the lack of available space at Consett; a move was considered but rejected. The company did not switch to electrical power as others had and its technology became obsolete. By 1924, the company had share capital of £3,500,000 (£185 million in 2013 terms); it had also issued £1,500,000 (£74 million in 2013 terms) in debenture stock in May 1922.
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David Ellis also said there are some immediate concerns for development such as increasing the size of the debenture lounge and the members bar. He also mentioned the queues for drinks at the bars are too long so that will be looked into as well. On 5 September 2012 Harlequins announced that they had begun a programme of significant investment in upgrading Twickenham Stoop Stadium. All four of the stands have been deep cleaned, this has included the installation of anti-roosting netting that features an unobtrusive fine mesh, secured high in the stands that will prevent damage to the seats and decking caused by the local pigeon population.
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The corporation again tried to buy out the company, but still could not reach agreement, so decided to oppose the company's bill, on the basis that the new works would not be adequate for the future requirements of Cardiff. On the day before the bill was due to appear before the House of Commons committee, the company agreed to sell, for a price of £300,000, resulting in the corporation withdrawing their objections. They paid the costs of getting the bill through Parliament, and also redeemed the company's debenture bonds, at a cost of £20,450. Parliamentary approval for the purchase of the company and authority to borrow £470,000 was obtained in 1879.
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SAR NGG 16 Class Garratt 138 'Mileniwm'/'Millennium' hauls a mixed goods and passenger train away from Rhyd Ddu during the 2006 'Superpower' weekend. The experience with Mr J.R. Green in 1967–1969 had raised the prospect of the trackbed being sold, only to drop back into the OR's lap through another bankruptcy. So when, in the mid-1970s, Gwynedd County Council (successor to Caernarfonshire County Council from 1974) began to take an interest in acquiring the trackbed, they quickly became the OR's preferred bidder – since local authorities are unable to go bankrupt. In addition to being a debenture holder, GCC claimed it had run up costs maintaining the railway's structures since the railway closed.
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If this had been successful, then it was TCL's stated intention to offer to lease successive sections to WHLR (1964) Ltd. It is understood that GCC leant on Dwyfor prior to the meeting. However, as noted above the whole idea of financial reconstruction was fatally flawed, because the lack of any living WHLR Company directors meant that there was nobody who could amend the company's share register to validate the share/debenture transfers to TCL/WestCo – even if the court was to order it. Consequently, TCL/WestCo had no legal standing to instruct the WHLR Company board to call a shareholders meeting, where a new board could be elected – indeed there was no board to instruct.
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Archerfield Links is now a collective term for two new courses - The Dirleton and The Fidra - that have been created as part of the transformation of the estate into a luxury resort. Both courses were designed by golf architect David J Russell, with The Dirleton winding inland towards Dirleton village and The Fidra heading towards the coast and the island bird sanctuary of Fidra. Elite female golfer Catriona Matthew, now a fixture on the US LPGA tour, and originally from nearby North Berwick, has become an ambassador for the new development. Membership of the new Links is not cheap, with individual debenture packages requiring an "up- front" fee of £35,000 and a yearly subscription of £1500.
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PricewaterhouseCoopers (PwC) was appointed receiver of Birch Mountain Resources at the request of Tricap Partners Ltd., when Birch Mountain defaulted on its debts and on November 5, 2008 Birch Mountain was forced into receivership. On Nov 26, 2008 Alberta 1439442, later to become Hammerstone Corporation, was created by Brookfield. On Nov 27, 2008 James Pattison, Director of Brookfield, received an Assignment and Option Agreement deal from Alberta 1439442 in exchange for selling his debenture shares to Brookfield. The assets were transferred on Jan 8, 2009 and included nearly 1 billion tonnes of limestone reserves, along with permits and leases for limestone and other minerals covering over 700,000 additional acres, to Alberta Corporation 1439442, subsidiary of Tricap Partners Ltd.
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In fact the scheme was grossly undercapitalised and there appear in addition to have been financial irregularities; the Port Talbot company went into receivership in 1858, which lasted until matters were regularised in 1863. In that year a railway connection to the South Wales Railway was constructed, and improved appliances for the loading of coal to ships were installed. The branch line opened formally on 1 September 1864.Robin G Simmonds, A History of the Port Talbot Railway & Docks Company and the South Wales Mineral Railway Company, volume 1: 1853 – 1907, Lightmoor Press, Lydney, 2012, As time went on Christopher Talbot became a major creditor of the company, as it failed to honour rent and debenture payments.
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On 1 May 1879 the Directors reported at a shareholders' meeting that the junction had been made and used for goods trains, and it seems to have been opened for all traffic on 1 June 1879. Meanwhile, relations with the IoWR, which had been working the IoW(NJ)R, broke down completely, and that arrangement was terminated at the beginning of 1879. The IoW(NJ)R was steadily descending into heavy indebtedness, with many landowners still waiting for their money, and debenture interest payments being left unpaid, and important track improvements being left undone. Against this background the Joint Committee took over the working of the IoW(NJ)R on 1 April 1879.
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This was a highly complex process, as the Main Stand facade had become a listed building and Murray wanted the existing structure to remain open during construction. The contractors removed the original roof and added a temporary cover while the work carried on above. The Club Deck, which cost approximately £20 million, was opened with a league match against Dundee United in December 1991. The redevelopment of the Main Stand was partially financed by a Football Trust grant of £2 million and a debenture issue that raised £8.5 million. Ordinary fans bought debentures for between £1,000 and £1,650 each, which guaranteed the right to buy season tickets for at least 30 years, along with some other minor benefits.
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In his article for The Mennonite on the decline of Mennonite Publishing House, John Sharp suggests that its difficulties arose partly from a denominational reorganization in 1971 which saw Scottdale, Pennsylvania replaced as a center of influence within the church. Sharp also describes the deep financial difficulties of the church's publishing, brought about by a confusion over whether the Mennonite Publication Board and Mennonite Publishing House should be publishing what was most profitable or what was most beneficial to the church. Construction of a Mennonite Publishing House warehouse in 1978, as well as a reliance for funding on debenture notes paid by persons and congregations within the church, saw the church's publications deeply in debt by the 1980s.
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The Gympie Town Hall was such a venue. The accommodation of the Gympie East Post Office on the ground floor of the new section of the Gympie Town Hall between 9 May 1939 and 26 July 1967 gave it further important social function. Between 1977 and 1982 internal alterations to the Gympie Town Hall were undertaken with money obtained through a debenture loan approved by the Queensland Treasury. These included architectural work (probably new joinery); mechanical and electrical alterations to the auditorium; internal telephone extension relocation and switchboard installation; internal painting of the ground floor; reconstruction of the World War I remembrance alcove; new floor coverings; office equipment; and glass and timber panel partitions.
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When Meredith's financial problems worsened and the debenture became due for repayment, Davies & Newman took over the aircraft together with a six-month contract to operate a series of charter flights between Southend and West Berlin's Tempelhof Airport that formed part of the second Little Berlin Airlift.Flying to the sun – A history of Britain's holiday airlines: 5. The struggle to become established – Dan-Air, Woodley, C., The History Press, Stroud, 2016, p. 46 Dan-Air began commercial air services in the United Kingdom in May 1953 with the aircraft it had taken over from Meredith Air Transport, a single Douglas DC-3 bearing the registration G-AMSU. The fledgling airline received its air operator's certificate on 23 May 1953.
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The following excerpt from The Globe explains the process: :Every elector entitled to vote for Mayor has one vote on the subway or tube question. Every elector entitled to vote for the Board of Education has a vote on the question of returning to the ward system of electing trustees, or retaining the present system of electing trustees by general vote. The only persons entitled to vote on the three money by-laws are freeholders marked on the voters' list "M, F. & F." or "F." In previous years all persons marked on the voters' list "Lessee" had the right to vote on debenture by-laws, but the law has been changed in this regard.
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Although 2001 saw a hastily organised fans group, the Chesterfield Football Supporters Society, replace Brown in controlling the club (he was later to be jailed for fraud), they faced a myriad of challenges related to ensuring Saltergate's future. It emerged that a debenture had been secured on the ground requiring that £200,000 be raised in just three weeks to fight off the threat of losing the stadium. Even with that met and the club in administration, much additional fundraising was required to deal with Saltergate's worst deficiencies. Thus, the ground saw a number of modest improvements, but remained an aged stadium, lacking many of the modern facilities available to rival clubs who had relocated or redeveloped their existing grounds.
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A further miners' strike from March 1883 had a heavy adverse effect on the company's finances, preventing it from paying debenture interest, and it was forced into administration. A scheme of arrangement released the company from that situation in July 1885. On 1 September 1886 the Great Western Railway's Severn Tunnel opened, giving the Great Western Railway a through main line route from South Wales to Bristol and the south and east. Leading up to this time there had been a lengthy wrangle between the S≀ and the GWR over through rates for mineral traffic, but the operational convenience of the Severn Tunnel route put paid to any serious competition from the Bridge route.
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It has been called the "successor"Laux, Fred. Planning Law and Practice in Alberta. Third Edition pg. 2-6. Juriliber 2010. to three different boards which were dissolved upon its creation: #The Local Authorities Board: Created in 1961 as an offshoot from the Public Utilities Board (Est. 1915), this was a quasi-judicial tribunal that heard matters related to taxation and land use issues, such as municipal debenture financing and annexations. #The Alberta Assessment Appeal Board: Created in 1956, this board heard appeals of property taxation disputes. #The Provincial Planning Board: Created in 1963 as a successor to the Town and Rural Advisory Planning Board (Est. 1929), this board heard appeals related to municipal land use plans.
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Salomon v A Salomon & Co Ltd [1897] AC 22 In this leading case, a Whitechapel cobbler incorporated his business under the Companies Act 1862. At that time, seven people were required to register a company, possibly because the legislature had viewed the appropriate business vehicle for fewer people to be a partnership.See R Grantham, 'The Doctrinal Basis of Company Law' (1998) 57 Cambridge Law Journal 554, 560 Mr Salomon met this requirement by getting six family members to subscribe for one share each. Then, in return for money he lent the company, he made the company issue a debenture, which would secure his debt in priority to other creditors in the event of insolvency.
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It was possible to run occasional goods trains afterwards using horse traction, but the passenger service was suspended on 11 March 1872, and goods trains ceased running two weeks later.Suggitt, pp.28-30 A fresh locomotive, an 0-4-0T named Union, was purchased by the debenture holdersDebenture holders were persons or institutions which had lent money to the company as opposed to taking shares; no doubt seeing that bankrupting the company would lose them all their investment, they thought the purchase of Union would enable the company to generate some profit and get their money back. in 1875 and a goods service was resumed on 23 February 1875; passenger services followed on 17 May 1875.
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With various local government officers appointed as receiver, the WHR continued to operate, primarily as a tourist attraction, until the end of 1933, when the local authority debenture holders declared their intention to close it. This prompted the Festiniog Railway to take out a 42-year lease on the WHR from 1 July 1934, but the poor traffic declined further, and the FR ceased to operate the WHR after the 1936 season. Unfortunately for the FR, the lease made no provision for early termination; so, even though they were no longer operating the WHR, the FR were forced to continue paying the rent. It took until 1942 before a court terminated the lease, thus releasing the FR from its obligation.
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At the October 1873 Shareholders' Meeting the directors reported that the charges from the SDR for operating the line were higher than expected and were not in accordance with the agreement for working the line. £1,055 operating profit in a half-year was small on capital of £130,000 when debenture interest was to be paid first, and it would "leave nothing for Dividend". At the May 1874 meeting, the directors congratulated the shareholders on a successful outcome of the dispute; however the full year (1873) accounts now showed £4147 12s 10d gross profit, £2127 4s 0d net. The first half-year SDR charge before the dispute, and doubled to equate to a full year, were £1676 (44%), and the actual post-dispute charge was £2020 (49%).
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In speaking of their public funds (rentes) they do not mention the ideal capital sum, but speak of the annuity or annual payment that is received by the public creditor. Other instances of perpetuities are the incomes derived from the debenture stocks of railway companies, also the feu-duties commonly payable on house property in Scotland. The number of years' purchase which the perpetual annuities granted by a government or a railway company realize in the open market, forms a very simple test of the credit of the various governments or railways. In the United Kingdom, the income from compulsory purchase annuities purchased with pension funds or by an employer immediately on retirement (a Hancock annuity) is treated as taxable income.
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By 1912 it was called Friezland, however was officially renamed Kuridala in October 1916 to minimise confusion with another settlement in Queensland. The reason for this change was considered to be linked to German names being unpopular at the outbreak of World War I. Hampden Cloncurry Copper Mines Limited and its competitor, Mount Elliott, formed a special company in 1908 to finance and construct the railway extension from Cloncurry through Malbon, to Kuridala and Mount Elliott. The company reconstructed in July 1909 by increasing its capitalisation, and concluding arrangements for a debenture issue to be secured against its proposed smelters. Its smelters were not fired until March 1911 and over the next three years of ore were treated with an initial dividend of being declared in 1913.
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Jones and Dunstone call this the "B&M; (Arrrangement) Act of 1868"; Wood refers to this as the Brecon and Merthyr Railway Arrangement Act of 1865, but the date must be wrong. By then the financial slump in the country had resulted in the combined company having been unable to meet debenture interest, so that the HH&BR; resumed its independent existence in the hands of a receiver. The Mid- Wales Railway arranged to run the now-independent HH&BR; trains for twelve months from 1 October 1868, and the GWR allowed the Mid-Wales company to use Barton station for £450 annually. The HH&BR; company emerged from receivership in 1869, but was still in a serious financial difficulty.
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Two years later, the Lord Abbett Affiliated Fund was launched. In 1937, the firm opened its first west coast branch in Los Angeles. Lord Abbett, along with other investment companies, made important contributions to the drafting of the Investment Company Act of 1940, which defines the responsibilities and limitations of investment firms. In 1971, Lord Abbett launched the Lord Abbett Bond Debenture Fund, one of the first funds to invest in a combination of different types of fixed−income securities. In 1975, Lord Abbett moved into pension fund management. The firm launched its institutional business in 1976, with the introduction of a large-cap value product for an institutional client. In 1978, American Utility Shares was merged into the Lord Abbett Income Fund.
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In Re Anglo-Austrian Printing & Publishing Union[1985] 2 Ch 891 this meant that a liquidator who had successfully sued directors for £7000 had to give up the funds to a group of debenture holders, who had not yet been paid in full, so there is no discretion to apply the assets in favour of unsecured creditors. A potential benefit is that because the causes of action are vested in the company, they may be assigned to third parties, who may prefer to take the risk and reward of pursuing litigation over the liquidator or administrator.See Re Oasis Merchandising Services Ltd [1995] 2 BCLC 493 These features are the reverse for money recovered through the statutory based causes of action of fraudulent and wrongful trading.
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Walters was head of the firm Walters and Company, of Lincoln's Inn, which was founded in about 1780; member of Council and Past President of the Incorporated Law Society; Solicitor to the Law Life Assurance Society; Director of the Law Fire Insurance Society; Director of the Law Debenture Corporation, the Law Accident Insurance Society, and the Solicitors' Benevolent Association; member of the Solicitors' Discipline Committee, appointed under the Act of 1888, the Committee of Inspection of Trustee Savings Banks, appointed under the Savings Banks Act of 1891, the Committee of Proprietors of Lincoln's Inn, and of the Rule Making Committee under the Land Transfer Acts. Walters was a Conservative in politics, and Chairman of Ewell, Cuddington and Malden Conservative Association.
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This changed with the Court of Appeal's decision in 1998 that a claim for wrongful (or fraudulent) trading, is different from a normal 'asset' of the company.Re Oasis Merchandising Services Ltd [1998] 1 Ch 170 In particular, it held that such claim cannot be secured by a debenture. The Court held that the fruits of a claim for wrongful trading are instead held in trust by the liquidation for the general body of unsecured creditors. It then followed that the costs of a wrongful trading action could not be drawn from the company's assets held by the liquidator, and fell to be paid personally either by the liquidator (which he would not do), or would require a unanimous decision of unsecured creditors.
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The Supreme Court affirmed the DC Circuit's decision to impose "scheme" liability on Lorenzo. Writing for a 6-2 majority, Justice Stephen Breyer found that the language in subsections a and c of Rule 10b-5 were sufficiently broad to encompass Lorenzo's dissemination of false information with the intent to defraud. The majority opinion held that merely disseminating false statements was not enough to create "scheme" liability; it argued that the fraudulent course of conduct (planning the debenture sales, development of the fraud scheme, etc.) was part of the pattern of conduct needed to impose primary liability. In dissent, Justice Clarence Thomas (joined by Justice Neil Gorsuch) argued that the majority opinion would render the Supreme Courts precedent in Janus a "dead letter".
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In this impasse, the Company acquired another engineer, William Gregory, and a new Contractor, Jonathan Edwin Billups, who it seemsUncertainty expressed by Robertson and Simmonds. was prepared to undertake the work for £110,000, but he would accept £60,000 of that in shares and £33,000 in debenture stock, only requiring £18,000 in cash. As a means of actually starting construction, this was attractive to the board, although by now they had not even the £18,000: of the £25,930 subscribed £10,000 had been spent on Parliamentary costs—an extension of time had been applied for and granted—and land acquisition, and a further £10,000 was considered to be committed. Nonetheless Billups was asked to start work, which he did on 18 June 1888.
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Julian Holland, Dr Beeching's Axe 50 years On: Illustrated Memories of Britain's Lost Railways, David & Charles, 2013, There was a shortfall in subscribed capital and the borrowing powers in the company's Act of Incorporation were conditional on a proportion of the capital having been raised. The directors considered mortgaging the line, but it proved impossible to find a financial house willing to take debenture shares and the company lacked funds. The line, when completed, was a branch from the Eastern Counties Railway. The Great Northern Railway had a branch line to Hertford from Welwyn and it was possible that the Buntingford line might be sold to the GNR. The ECR agreed to provide financial assistance to the extent of £22,000.
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As a result of being unable to pay the interest on debenture stocks and partly due to financial malfeasance by the Secretary, the line went into bankruptcy in 1885. In 1906 there was a move to join up with the Great Central Railway at Loughborough but nothing came of it and the terminus remained at Loughborough's Derby Road. The Company then came up with two initiatives designed to improve profitability; Cheap-to-run railmotor services, which were introduced between Loughborough and Shackerstone, and on 2 April 1907 three halts were opened for use with them. On leaving the hands of the receiver in 1909 it remained a separate company until the LMS absorbed it in the 1923 grouping. Passengers trains were operated by an LNWR steam railmotor, though 2-4-2 tanks.
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The work of construction proceeded, but the Company quickly overspent its available funds, and the Hay extension was not started. Debenture loans were taken out at 6%; this proved an expensive way of funding the work. The Board had been confident of being able to open the Dorstone section on 1 August 1880, but this was quickly seen to be impossible as the construction work was inadequate. Some directors made personal payments to enable continuation of the construction work. At length on 4 August 1881 Colonel Rich of the Board of Trade inspected the line for passenger operation and approved it. The line opened as far as Dorstone on 1 September 1881; the line was worked by the Company itself with an engine hired from the Great Western Railway.
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Since the 'straight' rate levy was charged regardless of whether the owner had phone service, land owners without phones could be paying as much or more as land owners with phone service. In spite of attempts to reform this system, it remained in place until the government took over the service. In addition to the annual rental and line levy, there was a special levy to pay back the debenture. Financing for the company was always difficult, as the large rural population meant the construction and maintenance of many miles of poles and wire for each rural subscriber. In the early years, subscribers who could not pay rentals had their phone removed at their expense; however, by the time of the depression in the 1930s, this was no longer practical or desirable.
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The promotional material accompanying the debenture application form explained why this was so important: > No National newspaper exists in the daily Press of Ireland, and Irish > affairs are therefore treated by the existing Press from the standpoints of > rival English parties. A result of this denationalising attitude is > political chaos and economic impoverishment. The directors are convinced > that the time is ripe for the foundation of a daily organ in the Press of > Ireland which, being free from the influence of any English party, will deal > with the affairs of Ireland from the Irish standpoint, and whilst asserting > the National distinctiveness and independence of Ireland will promote > combination and agreement amongst all political sections in Ireland on the > questions of Language, Land, Taxation, Industries, Transit, Poor Law.Sinn > Féin, 14 November 1908, column 3, p4.
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The Hesketh heapstead Much of the success of the recovery can be directly attributed to Edward Brownfield Wain, who had been appointed Undermanager in 1882. He soon introduced the more productive longwall working of the coalfaces in place of the more traditional ‘pillar and stall’ system. He was appointed Colliery Manager in 1886 and by 1890 the Company was once more paying its way. In the same year the liquidators came to an understanding with the North of England Trustee, Debenture and Assets Corporation Limited of Manchester, who agreed to purchase the old Chatterley Iron Company. The new Company became Chatterley Whitfield Collieries Limited and a great period of expansion began, so much so that by 1899 the colliery produced in excess of 950,000 tons of saleable coal.
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As the FR Company was a member of neither body, this was not directly relevant, but it left the Ffestiniog Railway Society, which was and is a member, fielding the ball. The board of the FR Society was roused by the criticism of their railway and backed the FR Company firmly. There was support for this stance among the society's membership, though there were dissenters. Following the rejection by WHLR (1964) Ltd of the FR plan to act as landlord, the FR realised that the only way to prevent the sale of the trackbed to GCC was to challenge the application to the High Court by the OR. However, the FR was not a share or debenture holder in the old WHLR Company and thus it had no right to be represented at the High Court hearing.
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The Crystal Palace at Sydenham continued the observance, opening only to shareholders on Sundays: The Lord's Day Observance Society held that people should not be encouraged to work at the Palace on Sunday, and that if people wanted to visit, then their employers should give them time off during the working week. However, the Palace was eventually open on Sundays by 1860, and it was recorded that 40,000 visitors came on a Sunday in May 1861. Debenture stock of the Crystal Palace Company, issued on 7 May 1908 By the 1890s the Palace's popularity and state of repair had deteriorated; the appearance of stalls and booths had made it a more downmarket attraction. In the years after the Festival of Empire the building fell into disrepair, as the huge debt and maintenance costs became unsustainable, and in 1911 bankruptcy was declared.
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In 1852 the Leeds Northern Railway (LNR) reached Stockton and formed a junction with the Clarence Railway Stockton branch; an alliance had been formed and in anticipation the West Harbour had been enlarged from . From the following year the West Hartlepool moved services to the LNR Stockton station and this became known as North Stockton, the 1848 S&DR; station becoming South Stockton. A price war broke out between the LNR and York, Newcastle and Berwick Railway (YN&BR;), the fare for the between Leeds and Newcastle dropping to two shillings. The West Hartlepool Harbour and Dock as it opened in 1847 In 1862 the WHH&R; was in financial difficulty, and as a result of legal action it was discovered that the company owned over £3,700,000, above the permitted £2,800,000; the level of debenture debt was almost three times that allowed.
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But after crystallisation, assets received by the company can be caught by the charge.N W Robbie & Co Ltd v Witney Warehouse Co Ltd [1963] 1 WLR 1324 One way for companies to gain priority with floating charges originally was to stipulate in the charge agreement that the charge would convert from "floating" to "fixed" automatically on some event before the date of insolvency. According to the default rules at common law, floating charges impliedly crystallise when a receiver is appointed, if a business ceases or is sold, if a company is would up, or if under the terms of the debenture provision is made for crystallisation on reasonable notice from the charge holder.See Re Panama, New Zealand and Australian Royal Mail Co (1870) 5 Ch App 318, Re Woodroffes (Musical Instruments) Ltd [1986] Ch 366, Re Real Meat Co Ltd [1996] BCLC 254.
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15 hp four-cylinder four-seater touring car :3. 20 hp six- cylinder chassis to be fitted with a variety of the best types of carriage work Examples of all these models were exhibited at the Olympia Show in November 1919. The design of the 10 hp and 15 hp engines closely followed their wartime Hispano aero engine using an overhead camshaft. The public considered the 15 hp was too innovative and a new "14 hp" car using the same engine was hastily created to fill the gap. Debenture stock certificate issued 6 May 1922 Wolseley Motors Ltd Wolseley duly took over the Ward End, Birmingham munitions factory from Vickers in 1919 and purchased a site for a new showroom and offices in London's Piccadilly by the Ritz Hotel. Over £250,000 was spent on the magnificent new building, Wolseley House.
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The Blackpool Tower Company was founded by London-based Standard Contract & Debenture Corporation in 1890; it bought an aquarium on Central Promenade with the intention of building a replica Eiffel Tower on the site. John Bickerstaffe, a former mayor of Blackpool, was asked to become chairman of the new company, and its shares went on sale in July 1891. The Standard Corporation kept 30,000 £1 shares and offered £150,000 worth of shares to the public; initially only two-thirds were taken up, forcing the company to ask for more cash contributions from its existing shareholders, but the poor financial situation of the company, exacerbated by the falling share price, rendered it unable to pay. Bickerstaffe, to avoid the potential collapse of the venture, bought any available shares until his original holding of £500 amounted to £20,000.
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Clearly not convinced of the viability of the venture, the public were not enthusiastic about investing in the new company and the response to the share offer was poor: in 2 years only 167 of the 1,000 shares were purchased. Thanks to a handful of wealthy sympathisers, the sale of debentures was more successful but the identity of some of the debenture holders suggests that many of these were donations rather than true investments. The first 20 debentures were bought by Edward Martyn, president of Sinn Féin from 1905 to 1908 and patron of many of Griffith's enterprises. John Sweetman, second president of Sinn Féin bought debentures 21 to 70, and the third most important investor, holder of 50 debentures, was Roger Casement, also a patron of many nationalist organisations until his execution in the aftermath of the 1916 Rising.
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Consequently, a deal began to emerge whereby the money GCC was owed by the WHLR Company would be offset against the perceived value of the trackbed, and thus GCC would acquire the trackbed for only a nominal sum. As this would mean the OR would no longer be selling to the highest bidder the OR would need to get a court ruling, which would overrule any objections from other debenture holders and authorise him to go through with the sale. However it was discovered later that the council had in 1934 agreed to adopt the structures (bridges) and pay for maintenance itself; this was recorded in signed minutes.On the restored railway, two or three overbridges have been rebuilt by the county council on this basis - the county council had adopted the bridges and it was not for the WHR company (old or new) to pay for their upkeep (or renewal).
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The extraordinary effrontery of the share offer suffered an unexpected reverse when a Miss Brown brought a suit against the directors on the grounds that the 1886 prospectus for preference shares was misleading, in that it claimed that shares had been fully paid up, when in fact they had been allocated to Chambers free as if they were fully paid up. Miss Brown's case was confirmed and it seemed likely that other similar suits would quickly follow. The debenture holders held a meeting with the directors and it was made obvious that the company could not simply carry on regardless: the Monmouth extension had to be abandoned forthwith. However the crisis was averted so far as the existing line was concerned, when in 1891 a financial reconstruction was implemented and ratified by Act of Parliament, which declared that all the debentures were validly issued.
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West Ham fans have taken part in pitch invasions and protests against the club's board of directors and their perceived financial mismanagement, after poor performances on the pitch or to show disapproval at the sale or purchase of players such as Lee Bowyer. Other notable pitch invasions took place in the 1990s against West Ham's launch of The Hammer's Bond, a debenture which would have forced fans into the purchase of a bond before they could buy a season ticket. In 1992, a post-match demonstration by fans against the scheme and new managing director, Peter Storrie, before a home game against Wimbledon was followed by pitch invasions in home games against Everton and Arsenal. The West Ham board of directors were influenced by the fans' protest and announced that the purchase of a bond would no longer be required in order to buy a season ticket. Of 19,301 bonds originally available less than 1,000 were sold.
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Yerburgh left the management of the brewery to William Ward, while she was occupied with family matters, including the birth of her two children. The couple spent most of their time living at Princes Gate in South Kensington and at Billinge Scar, near Blackburn, interspersed with visits to the other family estates before settling at Woodfold Hall. Prior to the death of Daniel Thwaites, plans had been drawn up to incorporate the business into a limited company. These had been postponed as a result of his death, but were finally put in place in March 1897, after William Ward had left the business. Mrs. Yerburgh transferred the business into the new company, Daniel Thwaites & Co. Limited, for the total of £850,000 (of which £250,000 was placed in the Daniel Thwaites Settlement) in a mixture of ordinary shares, preference shares, debenture stock and cash, with the general public subscribing for £134,000 in new preference shares.
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Re Atkinson, Barbers' Company v Grose-Smith [1904] 2 Ch 160 is an English trusts law case, which lays down a rule of equity relating to the disposition by the trustees of an authorised mortgage security where the security forms part of a trust fund, and the beneficiaries of the trust fund include a tenant for life and a remainderman. Where the security is sold and the proceeds are insufficient to satisfy the principal and interest in full, it is necessary to determine the way in which the loss shall be shared as between the tenant for life and the remainderman. The sum realised by the sale must be apportioned between the life tenant and the remainderman in the proportion that the amount due for the arrears of interest bears to the amount due in respect of principal. The rule also applies to debenture stock,Re Walker [1936] Ch 280 but not to dividends or arrears of dividends on preference shares.
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17; Issue 48114Riley Motors Limited, Company no. 00344156 was incorporated 8 September 1938—and changed its name in 1994 to BLMC Engineering Limited. Curiously the name Riley (Coventry) Limited continued to be used in all Nuffield group advertising until 1946 as if the original company had not been liquidated but continued to survive. Riley Motors Limited was used in all advertising between 1950 and July 1960 Nuffield paid £143,000Obituary, Mr. Victor Riley. The Times, Tuesday, 11 February 1958; pg. 10; Issue 54072 for the business and a new company was formed, Riley Motors Limited. However, in spite of the announced intention to wind-up Riley (Coventry) Limited, perhaps for tax reasons, continued under the management of Victor RileyReport of the A.G.M. of Morris Motors Limited, The Manchester Guardian; 9 May 1939; presumably with the necessary consents of debenture holders (part paid) creditors (nothing) and former shareholders (nothing). Nuffield passed ownership to his Morris Motors Limited for £100.
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The financial state of the company was difficult immediately on opening, and the company was losing money on operating account. The construction had cost more than was budgeted, and there had also been serious irregularities in the financial control. New preference stock was issued soon after the opening: the Company was "issuing £105,000 [of] 5% preference stock, which will be a first charge on the gross receipts of the railway after paying the interest on the debenture stock, amounting to £3,830 per annum... The new capital is required for the completion of the works under the first contract, amounting to about £25,000; the new wharves at Chepstow; branches to tinplate-works and other works and mills on the line, about in length; the Brockweir-bridge and enlarged sidings, made at the request of the Great Western Railway Company."Morning Post, 18 November 1876 Much was made in this period of an extension at Chepstow to wharves there, giving access to shipping on the River Severn.
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In 1894 the Directors had offered to sell the line to the GWR for £30,000; in the following year an offer of £20,000 was refused. In 1897 this was again reduced, to £10,000. In the 1898 session of Parliament, a Bill was entered to approve the sale, but due to technical objections it failed. On 20 April 1898 the line was closed. A purchase by the GWR was agreed in December 1898 for the sum of £9,000 as well as £2,000 to the contractor Chambers in settlement of money owed to him. This was ratified by an Act of 1899, and was effective from 1 July 1899. The issued capital of the Company was £334,786. On revenue account £57,906 was owed as arrears of debenture interest and £18,581 was owed to other creditors. On taking over, the Great Western Railway spent £15,000 in relaying the track and reconditioning the line in other ways, and reopened the railway on 1 May 1901.
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Can the liquidator sell or assign the claim to a specialist litigation company? Because a claim for wrongful trading is a personal action brought by the liquidator, it follows that if it is unsuccessful, the liquidator is personally liable for the legal costs of the defendants. This was found to be the case following a 5 months trial in which the liquidator of Continental Assurance Company of London plc sued a number of its directors.Re Continental Assurance Company of London plc [2001] BPIR 733 Although the costs of an action (whether successful or otherwise) can now be properly paid by the liquidator out of company assets where there are adequate funds available, the House of Lords in 2004 altered the hitherto accepted priority of costs in a liquidation, making the liquidator's costs (including the legal costs of a wrongful trading action) rank last in priority behind both preferential creditors and the sums due to debenture holders.
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Influenced by the old Carmarthenshire Railway alignment, the new line was subject to numerous very sharp curves. A short branch to Llanelly town was authorised in 1881 by a Board of Trade certificate, but the reality of paying for it when the company's financial resources were so stretched, resulted in its abandonment.There had long been a goods siding at Queen Victoria Street, immediately alongside the spur from the GWR line. In January 1881 an arrangement was made with the contractor John Waddell for him to work the line for five years, for 70% of gross receipts in year 1, then 60%, then 50% in subsequent years, subject to his guaranteeing the debenture payments. On 6 June 1881 two excursion trains were run up the railway; this was before the formal approval of the Board of Trade inspector had been given, and was contrived by the participants, "1,000 souls", paying for refreshments and getting the travelling free of charge.
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Early on, use of the phones and the company's equipment was strictly regulated. There was a three-minute time limit for conversations. Those who did not have a phone were asked to pay 75¢ for using their neighbour's. Farmers and housewives faced fines or prosecution for the use of telephone poles as hitching posts, or incorporating them into their barbed wire fences or clotheslines. In 1935 George Manning died, and his wife carried on in his capacity until October 1, 1937, when Pat O'Bready, along with his wife Irene, took over as operator, linesman, and troubleman. They were paid $800 per year plus commissions, though this salary was on paper only. In 1940 the company began to emerge from the depression and gain solid financial footing, and in February 1942 the debenture debt was retired. In 1950, a wind storm on April 15 damaged or destroyed nearly the entire telephone system, which took six months to repair.
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Budapest Stock Exchange's Liberty Square building in 1905 Budapest Stock Exchange's ex Liberty Square building in 2017 Ferrari Budapest salon in the current building of the stock exchange at the Liberty Square The performance of the BUX index during the 2008 crisis The Hungarian Stock Exchange, the ancestor of today's Budapest Stock Exchange (BSE) started its operation on 18 January 1864 in Pest on the banks of the Danube, in a building of the Lloyd Insurance Company. The committee in charge of setting up the exchange was led by Frigyes Kochmeister, who was also elected as the first chairman of the exchange (1864–1900). When the exchange was launched in 1864, there were 17 equities, one debenture, 11 foreign currencies and 9 bills of exchange listed. After a few years of slow growth, 1872 saw the first significant market boom, when the Minister of Trade approved the articles of incorporation of 15 industrial and 550 financial companies whose shares were then listed on the exchange.
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Barnato was nicknamed "Babe", in ironic deference to his heavyweight boxer's build. Inspired by the 1924 Le Mans win by John Duff and Frank Clement, Barnato agreed to finance Bentley's business. Barnato had incorporated Baromans Ltd in 1922, which effectively existed as his finance and investment vehicle. Via Baromans, Barnato initially invested in excess of £100,000, saving the company and its workforce. A subsequent agreed wind-up of the original Bentley company was agreed, with all existing creditors paid off for £75,000, but with existing shares devalued from £1.00 each to just 1 shilling, or 5% or their original value. Barnato held 149,500 of the new shares, meaning that he controlled the company, and became chairman. Barnato injected further cash into the business: £35,000 as a debenture in July 1927; £40,000 in 1928; £25,000 in 1929. With renewed financial input, W. O. Bentley was able to design another generation of cars, the six-cylinder 6½ Litre.
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Brooks (2008) p.1 The indictment contained 3 counts. On count 1 Kylsant was charged with issuing a document, namely the annual report for 1926 with intent to deceive the shareholders about the true state of the company, Morland was charged with aiding and abetting this offence. Count 2 was an identical count relating to the annual report for 1927 against both defendants and on count 3 Kylsant alone was charged with issuing a document—the debenture stock prospectus of 1928 with intent to induce people to advance property to the company.Brooks (2008) p.3 All counts were contrary to section 84 of the Larceny Act 1861. Both defendants pleaded not guilty to all counts.Brooks (2008) p.2 The main defence on the use of secret reserve accounting came with the help of Lord Plender. Plender was one of the most important and reliable accountants in Britain, and under cross-examination stated that it was routine for firms "of the very highest repute" to use secret reserves in calculating profit without declaring it.Hyde (1960) p.
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Shamji v Johnson Matthey Bankers Ltd [1986] BCLC 278 It was accepted that a receiver had a duty to act only for the proper purpose of realising debts, and not for some ulterior motive. In Downsview Nominees Ltd v First City Corp Ltd,[1993] AC 295 a company had given floating charges to two banks (Westpac first, and First City Corp second). The directors, wishing to install a friendly figure in control asked Westpac to assign its floating charge to their friend Mr Russell, who proceeded to run the business with further losses of $500,000, and refused to pass control to First City Corp, even though they offered the company discharge of all the money owed under the first debenture. The Privy Council advised that Mr Russell, as administrative receiver, had acted for an improper purpose by refusing this deal. A further case of breach of duty occurred in Medforth v Blake[2000] Ch 86 where the administrative receiver of a pig farm ignored the former owner's advice on how to get discounts on pig food of £1000 a week.
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Accordingly the line opened for goods trains on 1 February 1867 and passenger trains started running on 4 February 1867.Rex Christiansen, A Regional History of the Railways of Great Britain: volume 13: Thames and Severn, David & Charles, Newton Abbot, 1981, Colin G Maggs, The Bristol and Gloucester Railway and the Avon and Gloucestershire Railway, The Oakwood Press, Headington, second edition 1992, The line was loss-making from the start; seeing little other means of escaping the difficulty, on 6 November 1867 the Company asked the Midland Railway if they would take over the line, but the Midland refused. As well as debenture interest of £450 in the first half year, the Company was under pressure from landowners whose land had been taken, but who had not received the agreed purchase price. Moreover the Stroudwater Canal claimed £1,060: an intersection bridge to the west of Ryeford had been built without being compliant with requirements of the Act, and the canal company was able to show that it had suffered loss.
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John Storey Barwick began his career by entering into a humble clerical position within the offices of the Ryhope Coal Co. Ltd, an established firm then owned by Lord Londonderry (The Earl Vane). He progressed up the ladder within Ryhope, investing his money wisely in the shipping industry,Erickson, Charlotte, British Industrialists: Steel and Hosiery 1850-1950, P. 18 eventually he would become Managing Director of Ryhope, and broker to the company conducting its sales, and a principal representative of Lord Londonderry (Viscount Castlereagh)The Times Newspaper, 12 September 1899 in his other business dealings. Having established his skill within the colliery business, Barwick would join forces with a network of other northern industrial entrepreneurs, the core of which were principally Sir Christopher Furness, 1st Baron Furness (1852 - 1912), Sir John Barwick and Sir Walter Scott, 1st Baronet, of Beauclerc (1826 – 1910). These men participated in a series of ventures across a range of industries, Scott and Barwick serving as directors or trustees for debenture holders in several public firms that were associated with Furness, investing heavily in his enterprises.
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During his time on the bench, Lord Templeman was known to be short with counsel who persisted with a line of argument after he had made up his mind, which earned him the affectionate sobriquet, "Syd Vicious". Lord Templeman was also renowned for his colourful language. In Borden (UK) Ltd v Scottish Timber Products Ltd [1979] 3 WLR 672 at 686 he remarked: > "At some distant date, when the court has unearthed the unearthable, traced > the untraceable and calculated the incalculable, there will emerge the sum > which it is said belongs to the plaintiffs in equity, a sum which is immune > from the claims of Crown and mortgagee, debenture holder and creditor, a sum > secured to the plaintiffs by a simple retention of title clause, which > referred only to resin but was pregnant with all the consequences alleged in > the statement of claim and hidden from the gaze of all other persons who > dealt with the defendants." When he expressed judicial opinions - either on legal or social issues - he often did so in strident tones.
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The debenture was to be repaid in ten consecutive annual installments, with interest not exceeding eight percent, was used to build a single-room wooden schoolhouse. While the lower grades were moved into the new schoolhouse, high school classes continued to be held in Dumouchel's Hall. On June 6, 1921, the school district was authorized to borrow $13,000 for the construction of a two-room brick schoolhouse, which was constructed shortly thereafter, and all grades moved into the new building. The Great Depression of the 1930s caused significant hardships for the school district and the teachers. In 1931, salaries were lowered across the board. The principal's salary was reduced from $1,600 per year to $1,200 per year, and a teacher's salary was reduced from $1,000 per year to $900 per year. In 1933, wages were further reduced when the school district decided to only pay half-wages, while the other half was given in the form of a promissory note to be redeemed by the district "when times returned to normal".
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Either line would have given the SJR the possibility of through traffic that could not be intercepted by the M&CR;, and both were opposed by the M&CR.; The SJR's Bill was defeated, and whilst the C&WJR; got its Act it then came to a compromise with the M&CR; which dashed the SJR's hopes; the new line ran from Calva Junction only to Linefoot, on the Derwent branch of the M&CR;, the M&CR; granting the C&WJR; running powers between there and Brayton. In 1889, a faction of the SJR board, after a couple of stormy shareholder meetings and proxy battles, ousted other directors and secured agreement by shareholders to a deal with the Caledonian; the Caledonian would take up the £30,000 first debenture stock at 3½%, provide half the SJR's directors, and for half the traffic receipts would meet both the operating and maintenance costs of the SJR. The SJR was also have the option (which in due course they exercised) of converting the £60,000 of preference stock originally subscribed by the Caledonian into £90,000 of SJR ordinary stock.
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The journey time of 50 minutes was reduced to 40 minutes from 1 August 1863. There were minimal goods facilities at the beginning. Income for the first quarter year (to 30 September 1863) was £1,221, of which £359 was from goods traffic.D I Gordon, A Regional History of the Railways of Great Britain: volume 5: the Eastern Counties, David & Charles, Newton Abbot, 1977, Goods trains caused congestion on the single line, and the board decided that a passing loop at Hadham was required; expenditure of £220 was authorised 24 May 1865; the work was to be done by the GER at the Buntingford company's expense. Braughing followed as a crossing point in 1892. Buntingford station The line was expensive to build and only completed with finance from the Eastern Counties Railway and its successor company (from 1862), the Great Eastern Railway. The capital subscribed including GER subscription was £106,871 and there were outstanding liabilities of £50,000 and a debenture debt of £29,403. This state of affairs could hardly continue long, and the company wrote to the GER on 21 June 1865, asking them to take over the line.
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The railway was supplied with three locomotives for the opening, built by Sharp, Stewart and Company. They had a 2-4-0 wheel arrangement, and the design was similar to others that the company had supplied for light passenger work. Sharp Stewart also supplied rolling stock, and accepted debentures in part payment, only receiving one-third of the total cost in cash. Construction of the railway had cost £90,000, (), and the company applied to the Board of Trade for authority to raise more capital in 1880. Income from the operation of the trains did not produce enough surplus to keep paying the debenture interest, and in 1883 Sharp Stewart cancelled their arrangement, repossessing locomotive No. 1. The other two locomotives and the rest of the stock were then hired at £150 per year. In 1888, the company was authorised to raise another £10,000 in debentures, which was used to pay the arrears in interest on the existing debentures, and in 1890 enabled them to purchase the stock outright. In the first month of operation, the company applied to the Board of Trade for permission to run the line as a light railway and this was granted on 11 March 1880.
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