Section 157 in Karnataka Municipal Corporations Act, 1976
157. Form and effect of debentures.
- All debentures issued under this Chapter shall be in such form as the corporation, with the previous sanction of the Government may determine, and shall be transferable in such manner as shall be therein expressed; and the right to sue in respect of the moneys secured by any of such debentures shall vest in the holders thereof for the time being without any preference by reason of some such debentures being prior in date to others.
