Section 118 in Jammu and Kashmir Co-Operative Societies Act, 1989
118. Guarantee by Government of principal of, and interest on debentures.
(1)The principal of and interest on the debentures issued under section 115 shall carry the guarantee of the Government to such maximum amount as may be fixed and subject to such conditions, as may be imposed by the Government.(2)The Government may increase the maximum amount of any guarantee given under sub-section (1).(3)The Government may, after consulting the Board and trustee(a)by notification in the Government Gazette; and(b)by notice of not less than fourteen days in such of the principal newspapers in the State and other States in India as the Government may select in this behalf;discontinue any guarantee given by it 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 publication of the notification in the Government Gazette :Provided that the withdrawal, restriction or modification of any guarantee under this sub-section shall not in any way affect the guarantee carried by the debentures issued prior to the date on which such withdrawal, restriction or modification take effect.
