Section 84 in Jammu and Kashmir Co-Operative Societies Act, 1989
84. Powers to borrow money by issue of bonds or by way of loan.
(1)Notwithstanding anything contained in this Act the Board may with the prior approval of the Government and subject to the regulations made under this Act, borrow money by issue of bonds:Provided that the issue of the bonds shall be in conformity with such directions or instructions as may be issued by the Reserve Bank of India or National Bank for Agriculture and Rural Development from time to time.(2)The bonds shall be in the form of scripts and shall be repayable on the expiry of such period or periods from the date of issue thereof as may be approved by the Reserve Bank of India or the National Bank for Agriculture and Rural Development:Provided that the Board may repay the amount due under the bonds at any time before the period or periods so fixed after issuing a notice in such manner as the Board may direct in that behalf to the holders of the bonds.(3)Notwithstanding anything contained in this Act, the Board may borrow money by way of loans from the Government, the National Bank for Agriculture and Rural Development, the Reserve Bank of India or such other financial institutions as may be approved by the Trustee.(4)To raise deposits from the Government approved bodies, institutions and the individuals on the terms and conditions to be determined by NABARD/RBI.
