(1) Every debenture that is covered by a trust deed shall state either in the body of the debenture or in a note forming part of the same document or endorsed thereon—
(a) the matters required to be stated in a trust deed by sections 285(1)(a), 285(1)(b), 285(1)(f), 285(1)(h), 285(1)(i), 285(1)(j), 285(1)(l) and 285(1)(m);
(b) whether the trustee of the covering trust deed holds the security interest vested in him or her by the trust deed in trust for the debenture holders equally, or in trust for some only of the debenture holders, and, if so, which debenture holders; and
(c) whether the debenture is secured by a general floating charge vested in the trustee of the covering trust deed or in the debenture holders.
(2) A debenture issued by a company shall state on its face in clearly legible print that it is unsecured if no security interest is vested in the holder of the debenture or in any other person for his or her benefit as security for payment of principal and interest.
(3) This section does not apply to debentures issued before the commencement date.
Realisation of Security