Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979 11Chapter IV · Debentures

Section 11 · Maximum limit of debentures

- The total amount due on debentures issued by the Board and outstanding at any time shall not exceed,-

(a)

where debentures are issued against [gehan, mortgages or hypothecation] [Substituted for the words 'mortgages' vide Act No. 16 of 1987 w.e.f. 16-11-87.] held, the aggregate of,-

(i)the amounts due on the [gehan, mortgages or hypothecation] [Substituted for the words 'mortgages' vide Act No. 16 of 1987 w.e.f. 16-11-87.];

(ii)the value of the properties and other assets transferred under section 38 by the [Primary Agriculture and Rural Development Banks] [Substituted for the words 'Primary Land Development Banks' vide Act No. 16 of 1987 w.e.f. 16-11-87.] to the State Bank and subsisting at such time; and

(iii)the amounts paid under the [gehan, mortgages or hypothecation] [Substituted for the words 'mortgages' vide Act No. 16 of 1987 w.e.f. 16-11-87.] aforesaid and the unsecured amounts remaining in the hands.of the. State Bank or the trustee;

(b)

where the debentures are issued otherwise than on [gehan, mortgages or hypothecation] [Substituted for the words 'mortgages' vide Act No. 16 of 1987 w.e.f. 16-11-87.] held, the total amount as calculated under clause (a) increased by such portion of the amount obtained on the debentures as is not covered by a [Gehan, mortgages or hypothecation] [Substituted for the words 'mortgages' vide Act No. 16 of 1987 w.e.f. 16-11-87.].

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