Power to re-issue redeemed debentures in.. Sec 116

[bilalfca]

salam to all members.

someone plz guide me on this Sec 116 (1)

quote

"where either before or after the commencement of this ordinance a company has redeemed any debentures previously issued, unless the articles or the conditions of issue expressly otherwise provide, or unless the debentures have been redeemed in pursuance of any obligation on the company so to do, not being an obligation enforceable only by the person to whom the redeemed debentures were issued or his assigns, shall have power, and shall be deemed always to have had power, to keep the debentures alive for the purpose of re-issue....................... not previously bee issued"

unquoted.

"or unless the debentures have been redeemed in pursuance of any obligation................................ or his assigns," what does the it mean?
someone plz elaborate it...

thnx