Debentures Certain issues of debentures not to be capable of being subject to the Regulations
90. These Regulations shall not apply to an issue of debentures governed by the law of England and Wales or Northern Ireland unless the following conditions are satisfied with respect to the issue:
(a)the terms of the issue must contain a provision (however worded) that has the effect of not binding the company to enter into the register of debenture holders any trust or (subject to an Order of a court of competent jurisdiction) recognise any trust or equity affecting the title to the debenture; and
(b)the terms of issue must contain a provision excluding any equities as between the company and subscribers to the issue.