Amendment status not verified — confirm the current text below against the official source.
(1) The principal of, and interest on, the deben- tures issued under section 4 to such maximum amount as may be fixed by the '[State Government] and su5- ject to such co~rditions as they may think fit to impose shall, subject to the provisions of sub-section (3, carry the guarantee of the '[State Government] - 1 The words "Provincial Government " were substituted for the words "Local Government" by the Adaptation Order of 1937 and thc word "State " was substituted for "Provincial" by the Adapta. tion Order of 1950. a This expregsion was substituted for the expression "Central Mortgage Bznk" by section 4 of the Tamil Nadu Co-omrltjvc L ~ n d Mortgage Blnks (Amendment) Act, 1969 (Tamil N ~ d u ~~t 14 of 1969). 3 This expression was inserted by section 3 of the Madras co. operative Land Mortgage Banks (Amendment) Act, 1950 (Madras Act IX of 1950). (3) The "State Government] may, after consult- ing the Board and the Trustee-- (a) by notification in tlie 6[0fficial Gazette], and (b) by notice for not less than fourteen days in such of the principal newspapers in the '[State of Tamil Nadu] and of S(oth>r States) as the 6[State Governrneml may s c l ~ t in this behalf, discontinue any guarantee given by them or restrict the maximum amount thereof or modify the conditions subject to which it is given. with effect from a specified date, not being earlier than six months from the date of publi- cation of the notification in the 6[Official Gazette], In cases where the maximum amount of the guarantee is to be restricted or the conditions subjcct to which the guarantee is given are to be modified, the notification and notice aforesaid shall sct forth with sufficient clearness the scope and effect of the res- triction or modification. Explanation.-The withdrawal, restriction or modification of any guarantee under this sub-section, shall not affect in any way the guarantee carried by any -- - -- 1 Thc words " Provincial Government " were substituted for the words " L?l Go;ernment " by the Adaptati~n Order of ??37 dnd the word State was shtltuted for Provincial by the Adaptation Order of 1950. a These words were substituted for the words " thc Leglslatlve Council *' by the Adaptation Order of 1937. a This word was substrtuted for the word " ChambersM by the Adaptation (Amendment) Order of 1950, 4 This word was subst~tutcd for the word " Provincial by the Adaptation Ordcr'pf 1950. 6 The y r d s Provincial Gzvernnient " were sub\tituted for the words Local Gorernment by the Adaptation Order of 1937 and the word " State ' was bubstituted for " Provincial " by the , . ..w ." 4 Co-oprroria W [1934 : T.N-"Act X Devcloprnm Banks debentures issued prior to the date on, which such t withdrawal, restriction or modification takes effecr.