In NVOs (non visual objects) or CVUOs (custom visual user objects) the constructor event may either override or extend its ancestor's script. The default behaviour of any PB event is to extend (ancestor code is executed first, then descendent code is executed). If you are working in PB7, you can RMB click anywhere in the whitespace of the script painter (while viewing the constructor event) and you will see in the pop-up menu a menu item called "Extend Ancestor Script". If the there is a tick next to this item, then the contructor event for the ancestor of the current object (the object you are viewing the script for), then the current script that is written there - extends the ancestor's script. Alternatively, if there is not tick - then the current script overrides the ancestor script. As far as I know its not possible to overload PB events.
Hope this helps. Let me know if you need more info.