§ Mr. TOUCHEasked the Attorney-General whether he is yet able to report the result of the reconsideration by the rule committee of the Supreme Court of the requirement that every holder of part of an issue of registered debentures must produce his debentures in chambers in an action to enforce security; can he say whether, having regard to the provisions of the Companies Consolidation Act, 1908, Section 100, the rule committee will direct that the register of debentures, required by the Act to be kept, is to be accepted as primâ facie evidence of the persons entitled to participate in the benefits of the judgment; or in what other manner, if any, can they see their way to obviate the expense and inconvenience caused to the investing public by the continued application of a rule established in different circumstances?
§ Sir J. SIMONThe evidence of the register cannot be accepted as sufficient for the purpose of a distribution of funds by the court. It is found in practice that the register is often in an imperfect condition, and even in cases of considerable capital and importance the register is not always correct. Debentures are frequently deposited with bankers or other persons to secure advances without transfer or entry on the register. Debentures are frequently sent to the court by registered post and are returned in due course. This practice might be followed more often.