Amendment status not verified — confirm the current text below against the official source.
Maximum limit of debentures.- The total amount due on debentures issued by the Board and outstanding at any time shall not exceed,- (a) where debentures are issued against 2[Gehan, mortgages or hypothecation] held, the aggregate of,- (i) the amounts due on the 3[Gehan, mortgages or hypothecation]; (ii) the value of the properties and other assets transferred under section 38 by the 4[Primary Agriculture and Rural Development Banks] to the State Bank and subsisting at such time; and (iii) the amounts paid under the 5[Gehan, mortgages or hypothecation] aforesaid and the unsecured amounts remaining in the hands of the State Bank or the trustee; (b) where the debentures are issued otherwise than on 6[Gehan, mortgages or hypothecation] held, the total amount as