282. Kinds of debentures
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(1) Debentures belong to different classes if different rights attach to them in respect of—
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(a) the rate of interest or the dates for payment of interest;
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(b) the dates when, or the installments by which, the principal of the debentures will be repaid, unless the difference is solely that the class of debentures will be repaid during a stated period of time and particular debentures will be repaid at different dates during that period according to selections made by the company or by drawings, ballot or otherwise;
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(c) any right to subscribe for or convert the debentures into other shares or other debentures of the company or any other body corporate; or
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(d) the powers of the debenture holders to realise any security interest.
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(2) Debentures belong to different classes if they do not rank equally for payment when—
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(a) any security interest is realised; or
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(b) the company is wound-up,
that is to say, if, in those circumstances, the security interest or the proceeds thereof, or any assets available to satisfy the debentures, is or are not to be applied in satisfying the debentures strictly in proportion to the amount of principal, premiums and arrears of interest to which the holders of them are respectively entitled.