1. There is no one definition of debenture and whether or not an obligation owed by a company amounts to a debenture would depend on a variety of things such as type of agreement and the extent to which it fits with the provision of the Companies Act.

Discuss this statement with focus on the different types and characteristics recognised by case law and relevant statutes.

2. "No company should be allowed to commit fraud on the public in the issue of its shares."

Discuss with the aid of statute and cases.