Amendment status not verified — confirm the current text below against the official source.
(1) For the purpose of investment of any portion of the Municipal Fund, including Sinking Fund, in the debentures issued by the Corporation lor raising a loan, the Corporation, may, with the previous sanction of the State Government, reserve and scL apart any portion of such debentures lor issue at par thereto and in the name of the Corporation, provided that the intention so to reserve and set apart such debentures shall have been notified as a condition of raising Lhe loan. (2) The issue of any debentures by the Corporation under sub-section (I) shall not operate to extinguish or cancel such debentures, but every such debenture shall be valid in ail respects as if it were issued to anil in the name of any other person. (3) The purchase hy, or the transfer, assignment or endorsement lo, the Corporation of any debenture issued by it shall nol operate to extinguish or cancel such debenture and every such debenture shall be valid and negotiable in the same manner and lo the same extent as if i\ were held by, or transferred, assigned or endorsed to, any other persons. 'Sec (iml-nolo 2 on paye 57 V U M P . Power ot (In.1 corporatio n to reserve a portion of deben lures, issued Tor raising loan. Tor invest- men i. 644 The Kolkaia Municipal Corporaiion Act, 1980. Discharge of 149. lhc Corporation Train liability under debt mures in cenain cases. Application of Sinking Funds. [West Ben. Act (Part III.—Finance.—Chapter X,—Loans.— Sections 149T 150.) The Corporalion shall,— (1) when lhc amount due on a debenture has been paid on or after the dale on which payment has become due. or (2) when a debenture has been renewed or a new debenture has been issued upon subdivision, amalgamation or exchange, or {3) when a duplicate debenture has been issued in lieu of one alleged lo have been lost, stolen or destroyed, cither wholly or in part. ■ be discharged from all liabilities in respect of the debenture which has been so paid or renewed or in place of which new or duplicate debenture has been so issued,— (a) in the case of payment, after the lapse of six years from the date on which payment was due. (b) in the case oTa renewed debenture or :t new debenture issued upon subdivision, amalgamation or exchange, after the lapse ol six years from lhc date of renewal or issue thereof, as lhc case may be. (c) in the ease of a duplicate debenture, after the lapse of six years from the date of the order for issue of ihe duplicate dchenture or from lhc dale of lhc last payment of interest on the original dchcnlurc, whichever date is later. Explanation.—In this seciion "debenture" means a dchcnlurc issued under this Act or deemed, under sub-section (2) of scclion 635. to have been so issued. ISO. Until any loan is wholly repaid, the Corporalion shall not apply lhe money at lhe credit of a Sinking Fund established under this Act in respeci of such loan for any purpose other than the purpose of repayment of such loan: Provided that when any loan or pari thereof raised after the commencement of this Acl is consolidated under suh-scction (1) of scclion 143, the Corporalion shall transfer to the Sinking Fund established under sub-scciion (4) of that scction the sum standing al the credit of lhe Sinking Fund in rcspccl of the loan raised prior to such consolidalion or, if a part of such loan is consolidated, such pail of lhe sum al lhc credil of such Sinking Fund us is proportionate to the amount of such loan. The Kolkata Municipal Corporation Act, 19S0. 645 Annual *iaicmcn[ by Municipal Commissioner Annual examination of Sinking Funds. LIX of 1980.] (Part Hi.—Finance.—Chapter X.—Loans.— Sections 151, 152.)