(1) A condition contained in debentures, or in a deed for securing debentures, is not invalid by reason only that the debentures are made -
(a) irredeemable, or
(b) redeemable only -
(i) on the happening of a contingency (however remote), or
(ii) on the expiration of a period (however long),
any rule of equity to the contrary notwithstanding.
(2) Subsection (1) applies to debentures whenever issued and to deeds whenever executed.