Amendment status not verified — confirm the current text below against the official source.
Power to borrow money by i.ssue of bo~ or by way of loans.-(1) Notwithstanding anything contained in the Kerala Co- operative Societies Act, 1969 (21 of 1969), the Board may, witb the • prwr approval of the Government and subject to the regulations made under this Act, borrow money by issue of bonds: • I • • Provided that the issue of the bonds shall be in conformity with such directions or instructions as may' b~ issued by the Reserve Bank of India or the' National Bank for Agricultural and Rural IJcvelopment from time to time. (2) The bonds shall be in the form of promissory notes and shall be repayable on the expiry of such period or periods from the date of issue thereof as may be approved by the Reserve Bank of lnd1a or the Nati0nal Bank for Agricultural and Rural Development: Provided that the Board may repay the amount due under the bonds at any time before ~he period or periods so fixed, after issuing • a notice in such manner as the Board may direct in that behalf to the holders of the bonds. ' (3) Notwithstanding anything contained m the Kerala Co- -)",.. operative Societies Act, 1969 (21 of 1969), the Board may borrow ' money by way of loans from the Government, the National Bank tor Agricultural and Rural Development, the Reserve Bank of India or l;;UCh o1 her financial institutions as may be approved by the Trustee.