4. THE Club shall set up a register of Debenture Holders wherein the following facts shall be recorded:-
(a) The names address and occupation of each Debenture Holder.
(b) The amount of each debenture and the date upon which it was taken out.
5. THE delivery to the Club of this Debenture shall be a good discharge for the principal moneys and interest secured thereon respectively specified and the Club shall not be bound to enquire into the title other than that of the registered proprietor or to take notice of any trust affecting such moneys or affected by express notice of the right title or claim of any other person to such moneys or instruments.
6. SO long as the moneys intended to be hereby secured shall not have become payable the Club shall be at liberty to continue in possession of the premises hereby charged and to manage its undertaking in the ordinary course without interference from the holder hereof.
7. THE rights of the holders of all Debentures of this series shall be the same as if they were all issued together and shall not be prejudicially affected by the issue of any Debentures of this series at different times.
8. ON the Thirtieth day of April or within one month thereafter in each year during the continuance of this debenture a sum allocated and paid by the Club to the trustees for the purpose in terms of the Deed hereinafter mentioned shall be applied to the redemption of the debentures of debenture holders who shall have, during the month of April of that year give written notice to the Trustees of their desire for the redemption of their respective debentures PROVIDED THAT if the amount of the debentures for which application has been made for redemption shall be greater than the funds available at the Thirtieth day of April in each year to redeem them, then the trustees shall decide which debentures shall be redeemed AND FURTHER that if the sum allocated as aforesaid shall be greater then the amount of the debentures whose holders shall have applied for redemption in the manner aforesaid then such excess funds shall be paid so far as the same shall go in redemption of further debentures to be selected by the trustees by lot, each $50 debenture being deemed one unit.
9. NO transfer of a debenture shall be registered at or for a consideration greater than the nominal amount of the said debenture.
10. EVERY debenture holder who intends to transfer a debenture (hereinafter called “the vendor”) shall give