Amendment status not verified — confirm the current text below against the official source.
(1) Whenever money is borrowed by the Board ~~:~~~: on debentures, the debentures shall be in~. such Traufer.and form as the Board may, with the . previous sanction ~fb~~tu~es. of the State Gove'rnment specify. · (2) All debentures shall be signed by the Managing Director or Secretary or by any one of the Official Directors of the . Board. (3) The holder of any debenture in any form specified under sub-section (1) may obtain in exchange · therefor a debenture ·in any other form specified in the ma~ner provided in sub-section ( 1) and upon such teril'ls as the Board may determine· · THE ASSAM GAZETTE. EXTRAORDINARY. JAN. 9, Hl87" 49 '. . (4) Every debenture issued by the Board shall be transferable by endorsement, unless some . other mode . of transfer is specified therein . . (5) All coupons attached to the debenture's issued b~ the Board shall bear the signature. of the Managing· Director and such signature may be · engraved, .lith.ographed . or impressed by any mechanical proc~ss. Priorities of 32 . Th . f h B d' hall . f . Liabilities of . · ~ · • e .reve~ue o t e oar s , a ter meetmg tho Board. the operatmg, mamtenance and management expenses, · be applied as far as they are ·available, in the following order, namely :- (i) the repayment of principal and interest rin bonds ~in respect Qf which no guarantee hCJ.s been given by the State Government ; (ii) the repayment of principal and interest on .stock not so guaranteed; (iii) credits. to Section 33 ; depreciation reserve under . (iv) . the repayment of principal and interest on bonds guaranteed by the State Govern- . ment; (v) . the repayment of principal and interest · on stock so guarante~d ; (vi) the repayment of principal and interest. · on sums paid by the State Government under guarcJ.ntees ; (vii) the repayment of principal and interest on loans advanced to the Board under Section 28, including arrears of such interest ; (viii)' the written down amounts paid from capital ~nder the proviso to Section 26 ; (iK) ·the written down amO.unts in respect of tangible assets to the extent to which they 50 THE ASSAM GAZETTE. EXTRAORDINARY, JAN. 9, 1987 are actually appropriated in any year fOr the purposes in the books of the Board ; (x) the contribution to general reserve of ~an amount not exceeding one per. cent per annum of the original cost of fixed assets employed by t4e Board ; however, that _the total standing tq the credit of such reserve, shall not exce~d eight per cent or the original cost of such fixed assets .; (xi) the reduction of rates of taxes and charges under this Act or for any of the functions of the Board, as the Board may think fit. Oepreciation