Debentures are freely transferable by the debenture holder. The bank is refinanced through a variety of commercial debenture instruments. Ordinary shares were cancelled, as were the arrears of interest on debenture stock. MLC, being the trustee of the debenture holders, is the chargee of the subject property. Only debenture holders are legally permitted to sell on their tickets to third parties. In May 1986 its bank, NatWest, granted an overdraft facility, secured with a debenture. Milton's long-term debenture debt decreased to $42.7 million. In particular, it held that such claim cannot be secured by a debenture. Further issues of preference shares and debenture stock followed in November 1954 and November 1959. The refundable debenture for the school term 2017/2018 is HKD$500,000. However, in the United Kingdom a debenture is usually secured. Alternatively one can opt for the Development Debenture (Non-Refundable) of HKD$432,250. The term stems from the financial concept of a debenture. Shine Ltd., Mauritius and the debenture were converted in June 2006. Nevertheless, they may state other conditions, as debenture subscription rights, special situations, and so on.