Amendment status not verified — confirm the current text below against the official source.
(1) A co-operative society may receive loans by issue or re-issue of debentures of one or more denominations for such period as may be prescribed. Such debentures shall not be issued or re-issued save with the express authority of the State Government. (2) The State Government shall guarantee the principal and interest on the debentures, subject to such conditions as it may lay down. The State Government shall appoint the Registrar or any other person as Trustee for securing the fulfilment of the obligations of the co-operative society to holders of the debentures. The Trustee so appointed shall exercise the powers and perform the functions of a Trustee laid down in the Indian Trusts Act, 1882. (3) The State Government may by order declare that the debentures issued under sub-section (1) shall be deemed to be securities within the meaning of section 20 of the Indian Trusts Act, 1882. The form of the debentures and any subsequent modification therein shall be subject to the previous approval of the State Government. 2 of 1882. 342 The West Bengal Co-operative Societies Act, 1983. XLV of 1983.] (Chapter VI.—Duties and obligations of co-operative societies.—Sections 45-48.)