Companies Clauses Act 1869 (c. 48)

Part III. of the Companies Clauses Act 1863, shall be read and have effect as if the following words, that is to say, “not exceeding the rate prescribed in the special Act, and if no rate is prescribed, then not exceeding the rate of four pounds per centum per annum,” had not been inserted in section 22 of that Act, and any special Act of a company passed before the passing of this Act, prescribing any rate shall be read and have effect as if no rate had been prescribed therein.

Provided, that any debenture stock, the creation whereof has been authorized by a company, but which has not been issued before the passing of this Act, shall not be issued on any terms other than those whereon it might have been issued if this Act had not been passed, unless and until the issue thereof, on terms other than as aforesaid, is after the passing of this Act authorized by the company in manner provided in section 22 of the Companies Clauses Act 1863.