Section 119(3) in The Gujarat Co-Operative Societies Act, 1961
(3)The total amount due on debentures issued by the [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964], and outstanding at any time, shall not exceed-(a)where debentures are issued against mortgages held, the aggregate of-(i)the amounts due on the mortgages;(ii)the value of the properties and other assets transferred or deemed to have been transferred under Section 124 by the [Primary Land Development Bank] [These words were substituted for the words 'Primary Land Mortgage Bank' by Gujarat 24 of 1964] to the [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964] and subsisting at such time; and(iii)the amounts paid under the mortgages aforesaid and the unsecured amounts remaining in the hand of the [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964] or the Trustee at the time;(b)where debentures are issued otherwise than on mortgages 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 mortgage.
