Amendment status not verified — confirm the current text below against the official source.
(I) The principal of and interest on, the Gby J State debentures issued under Secti:on 5, shall in respect of overnment • of Principal such maximum amount as may be fixed by State of, and in- Government and subject to such condition as it may terest on, think lit to impose, carry the guarantee of the State debentures. Government. Distraint- when to be made; (2) The State Government r:yay subject to any law of the legislatur~ of the State increase the maxi- mum amount of any guaiantee given under sub->ec - tion (I). (3) The State Governme_nt may, after consul ting the Board and the Trustee:- (a) by notification in the official Gazette; and ( b) by no tire of not lcs~ titan fourteen days in such of the principal news papers in the State and of other States in India as the State Government may select in this behalf; discontinue any i, uaran tee given by it or re5trict the m<1ximum amount thereof' or modify the conditions, subject to which it. is given with effect from a specified <ldte, not being earlier than six months from the date of publtca.1ion of the notification in the official Gazette: Provided that the withdrawal, restrict10n or modi- fication of any guarantee shall not in any way affect the guarantee carried by any debenture issued rrior to the date on which such withdrawal, restriction or modification takes effect. (4) Every notification and notice referred to in sub-section (3) shalt where the maximum amount of guarantee is to be restricted or the conditions subject to wliich the guarantee is given are to be modified,. set fut th precisely the scope and effect of the restriction or modification, as the ca~e may be. 8.(1) If any instalment payable under mortgage executed in favour of a Mortgage Bank or any par~ of such instalment has remained unpaid for more than one month from the date on which it fell due, the Committee ma l' in addition to any other remedy available to the said Mo1 tgage Bank, apply to the Registrar or to such person as the State Government may appoint in this behalf for the recovery of s•1ch instalment or part by distraint and sale of the pro- duce of the mortgaged land including the standing crops therecn. / 6 (2) On receipt of ~uch application the Registrar or the per;on a~ the State Governm.:::it m 1y appoint Act IV of in tliis behalf m1y, ftotwithstanJi ;1g anything con-