Amendment status not verified — confirm the current text below against the official source.
Substituted by G.O.Ms.No.53, Agriculture and Cooperation (Coop- II) Department, dated 20.05.2016. Appointment of trustee and his powers and functions. Trustee to be a corporation sole. Issue of debentures by the Board. [Act No.7 of 1964] 135 (2) Such debentures may contain a term fixing a period not exceeding ten 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. (3) The total amount due on the debentures already issued and outstanding together with that proposed to be issued shall not exceed the aggregate of- (a) the amounts due on the mortgages and the value of the other assets transferred or deemed to have been transferred under the provisions of section 94 to the *[Central Agricultural Development Bank] and subsisting at such time; (b) the accumulations in the sinking funds; and (c) the cash on hand and balances with banks and the book value or market value of securities under general funds, whichever is less.