Section 105 in The Chhattisgarh Municipal Corporation Act, 1956
105. Form, exchange, transfer and effect of debentures.
(1)All debentures issued under this Act shall be in such form as the Corporation may with the previous sanction of the Government prescribe.(2)The holder of any debenture in any form prescribed under sub-section (1) may obtain in exchange therefor, upon such terms as the Corporation may determine, a debenture in any other form so prescribed.(3)Every debenture issued by the Corporation under this Act shall be transferable in such a manner as shall be therein expressed.(4)The right to be paid the money secured by any of such debentures and to sue in respect thereof shall vest in the holders thereof for the time being, without any preference by reason of some of such debentures being prior in date to others.
