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75.1 (1) This part deals with actions by a receiver of registered

debentures or registered debenture stock.

(2) If the court so directs, the receiver must keep a register of

transfers of; and other transmissions of title to, such

debentures or stock.

Registration of Transfers etc.,

75.2 (1) Any person entitled to the debenture or stock may apply to

the receiver to register any transfer or transmission of any

such debentures or stock.

(2) That person must supply to the receiver such evidence of

identity or title as the receiver may reasonably require.

(3) Before registering any transfer or other transmission, the receiver must send to the registered holder of such debentures or stock at his registered address a notice stating -

(a) that an application for registration of the transfer has

been made; and

(b) that the registration will be made unless the registered holder notifies the receiver of his objection to the registration within a time stated in the notice.

(4) That time must not be less than 14 days from the date on

which the registered holder should have received the notice

in the ordinary course of post.

(5) The transfer or transmission must not be registered until the

time stated in the notice has passed.

(6) On registering the transfer or transmission the receiver must

endorse a memorandum on the debenture or certificate of

debenture stock identifying the action and the order

appointing him as receiver.

Application for rectification of register

75.3 (1) Any person aggrieved by any act or omission under rule 75.2

may apply to rectify the register.

(2) The application must be on notice to the claimant, or person

having conduct of, the proceedings in which the receiver was

appointed.

(3) The court may direct that notice be given to any other person

appearing to be interested.

(4) The application must be supported by evidence.

Evidence of transfers. etc.,

75.4 (1) An entry in the receiver's register verified by an affidavit of -

(a) the receiver; or

(b) such other person as the court may direct

is evidence of the transfer or transmission of title to which the entry relates in the action or claim in which the receiver was appointed.

(2) This shall be the case even though the transfer or

transmission took place after the making of a certificate in

the proceedings as to the holders of the debentures or debenture stock certificates.

Proof of title of holder of bearer debentures etc.,

75.5 (1) This rule deals with a claim to enforce -

(a) bearer debentures; or

(b) debenture stock in respect of which the company has

issued debenture stock certificates.

(2) In the absence of notice of any defect in the title, the title of

any person claiming to be a holder is proved by -

(a) production of the debenture or debenture stock certificate; with

(b) a certificate of identification signed by the person producing the debenture or certificate -

(i) identifying the debenture or certificate produced; and

(ii) certifying the person (giving his name and address) who is the holder.

(3) This shall be the case even though judgment has been given

in the proceedings or a certificate has been made in the

action or claim certifying the holders of such debentures or

certificates.

(4) Where a debenture or certificate is produced, the attorney to

the plaintiff or claimant must endorse on the debenture or

certificate a notice stating -

(a) that the person identified under paragraph (2)(b)(ii)

whose name and address is certified in the notice has

been recorded as the holder of the debenture or

debenture stock certificate;

(b) that that person will be entitled to payment of any

dividend in respect of the debenture or debenture

stock certificate unless a new holder proves title in

accordance with paragraph (2) before payment of the

dividend; and

(c) that if a new holder fails to prove his title in

accordance with paragraph (2) he may incur

additional delay, trouble and expense in obtaining

payment.

(4) The attorney to the plaintiff or claimant must -

(a) preserve any certificates of identification produced

under paragraph (2); and

(b) keep a record of -

(i) the debentures or debenture stock certificates

so produced;

(ii) and of the names and addresses of the

persons producing them; and

(iii) of the holders thereof,

and must verify the record by affidavit if the court so requires.

Requirements in connection with payments

75.6 (1) Where in an action to enforce any debentures or debenture

stock an order is made for payment in respect of any

debentures or stock, the receiver must not make any payment

unless either -

(a) there is produced to him a certificate under rule

75.5(2); or

(b) the court has directed that the payment be made

without such certificate.

(2) The person entitled to receive payment must produce the

debenture or debenture stock certificate to the attorney to the

plaintiff or claimant or such other person as the court may

direct.

(3) The attorney or such other person must -

(a) endorse on the debenture or debenture stock

certificate a memorandum of payment; and

(b) make and sign a certificate that the statement

set out in the certificate has been endorsed on the

debenture or debenture stock certificate; and

(c) send the certificate to the receiver.

Power to make order for sale in debenture holder's claim

75.7 In a debenture holder's claim the court may direct a sale before -

(i) judgment; or

(ii) after judgment but before all the persons interested have

been ascertained, if -

(a) the debenture holders are entitled to a charge by virtue of the

debentures or of a trust deed or otherwise;

(b) the claimant is suing on behalf of himself and other

debenture holders; and

(c) the court is of the opinion that there must eventually be a

sale.