Section 198: Secured or unsecured debentures

(1) Debentures may either be secured by a charge over the company’s property or may be unsecured by any charge.
(2) Debentures may be secured by a fixed charge on certain of the company’s property or a floating charge over the whole or a specified part of the company’s undertaking and assets, or by both a fixed charge on certain property and a floating charge.
(3) A charge securing debentures shall become enforceable on the occurrence of the events specified in the debentures or the deed securing the same.
(4) Where legal proceedings are brought by a debenture holder to enforce the security of a series of debentures of which he holds part, the debenture holder shall sue in a representative capacity on behalf of himself and all other debenture holders of that series.