Amendment status not verified — confirm the current text below against the official source.
(1) (a) With the previous sanction of the Trustee, the Board may issue debentures of one or more denominations for such period as it may deem expedient on the security of the mortgages taken by the Central Mortgage Bank and its other assets and mortgages transferred or deemed under the provisions of section 23 to have been transferred by the primary mortgage banks to the Central Mortgage Bank. (b) Such debentures may contain a term fixing a period not exceeding twenty years from the date of issue during which they shall be irredeemable or reserving to the Board the right to call in at any time, any of the debentures in advance of the date fixed for redemption after giving to the debenture-holder concerned not less than three months' notice in writing. (2) The total amount due on the debentures issued by the Board and outstanding, at any time, shall not exceed the aggregate of the amounts due on the mortgages and other assets referred to in clause (a) of sub-section (1) and the amounts paid thereunder and remaining in the hands of the Board or of the Trustee at such time.