Amendment status not verified — confirm the current text below against the official source.
Form and effect of debenture.- All debentures issued by the municipality shall be in such form, and shall be transferable in such manner, as the municipality may, by regulations, determine, and the right to sue in respect of the money secured by any of such debentures shall vest in the holders thereof for the time being without any preference by reason of some such debentures being prior in date to others.