Amendment status not verified — confirm the current text below against the official source.
(1) ((I) With thc p .evious sanction of the~ssue of Trustee, tbe Board inay issue debenturesofoneor rnore debentures by the denominations for such peJods nr it lnay deem ex- &,rd. psdier~t on the security of the mortgages and other assets tran3feired '[or deemed under thc provisions of aectio~i 23-A to have been transferred] by the a[primary land develop.nent hanks] to the 3[State Land Develop- ment Bank] and o: ih.: atha; prop2rtie-s ot such Bank. (h) Such dsbsntmes may contain a term fixing a p!-iod n>t excseding ten years from the date of issue durlng which they sllall be irredeemable, or reserving to the Board the right to call inat any time any of the debsntures in advance- of the date fixed for redemption after giving to the debenture-holder concernca not less than three months' notice in writing. (2) The total amount due on the debcn- lurcs ; w e d by the Board (~ncluding thaw ~ S F L L C ~ 13:foi.e the comlnencemcnt of ttlis Act) and outstanding at any time shall not exceed lrthe aggregate of (a) the alilounts due on the inort:ages, and the vnlueof the otllerasset~, transfcrrea or decmed under the provisions of section 23-A to hive bccn transrerred by the "l~rimary land develop- ment oanks] to tre s (State Land Development Bank) 1 This oxpression was inscrtod by section 2(i) of the Madras Co- opcrativc L ~ n d h4ortgage Banks (Amcndmcnt) Act, 1950 (Madras Act I X of 1950). 3 This ~ ~ ~ ) r e s s i o i l was si~bititi~ted for tllc exprc\sion " nlortg'Lge h.rnks" by wction 4 of theTamil Nadu Co-operative Land Mortgage itanks (Amendment)A&t, 1969(Til.1nilNadu Act 14of 1969). . aThis expression was substituted for thc expression "Central Mortgage Bank" by ibid. 4 This W,LV s~tbitituted for the w~l.di "thc total amount duc on the mortgages, ihc amounts paid thereunder and remaining in the hands of the Board or of the Trustee at such time and the value of all other f Appoint- ment or Trustee and his powers and functions. Ouarantm by State Government of principal of, and interest on, debentures issued under section 4. - - - ---- - 430 Co-operathe and subsisting at such time and (6) the amounts paid under the mortgages aforesaid and remaining in the hands of the Board or of the Trustee at that time].