Section 123 — Index of debenture-holders

(1) Every company having more
than fifty debenture-holders shall keep an index of the names of the debenture-
holders of the company, unless the register of debenture-holders is in such a form
as to constitute in itself an index and any contravention or default in complying
with requirement of this section shall be an offence punishable under this Act.

(2) The company shall make any necessary alteration in the index
within fourteen days after the date on which any alteration is made in the register
of debenture-holders.

(3) The index shall contain, in respect of each debenture -holder, a
sufficient indication to enable the account of that debenture -holder in the register
to be readily found.

(4) A person guilty of an offence under this section shall be liable to a
penalty of level 1 on the standard scale.
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