Mortgage Debenture Act, 1865

Rights of Holders of Mortgage Debentures.

15. The Persons from Time to Time entitled to the Company’s Mortgage Debentures shall, proportionally, according to the Amount of the Monies secured thereby, be entitled one with another to the Benefit of the registered Securities of the Company upon which such Mortgage Debentures are founded, without any Preference one above another by reason of Priority of the Date of any such Mortgage Debenture or otherwise.