Re-issue of redeemed debentures preserves original rights and priorities upon re-issue, treated as new for stamp duty. A company that redeems debentures retains the right to keep them alive for re-issue unless the articles, issue conditions, contract, or an expressed corporate act indicate cancellation. Re-issue-including transfer from a nominee-restores the same rights and priorities as if never redeemed. Deposited debentures used as security are not deemed redeemed merely because the company's account ceases to be in debit. Re-issued debentures are treated as new issues for stamp duty but not for statutory debenture limits; lenders may rely on apparently duly stamped re-issues absent notice, while the company is liable for unpaid duty and penalties.