Section 66 in Haryana Co-operative Societies Act, 1984
66. Issue of debentures and bonds.
(1)With the previous sanction of the trustee, a co-operative society may float debentures or issue bonds of one or more denominations, for such periods, as it may deem expedient, on the security of the mortgages and charges and other assets transferred or deemed to have been transferred by a society to it and on the security of all or any of its other assets.[Provided that the debentures may be floated or bonds issued for long-term loans advanced without mortgage or charge on land or other immovable property subject to the condition that guarantee is given by the State Government for the repayment of the loans so advanced.] [Added by Act No. 32 of 1986.](2)Such debentures or bonds may contain a term fixing a period not exceeding twenty five years from the date of issue during which they shall be irredeemable or reserving to the borrowing society the right to call in at any time any of the dentures of bonds in advance of the date fixed for redemption, after giving to the debenture or bond holder concerned not less than three months' notice in writing.(3)The total amount due on the debentures or bonds issued by a society and outstanding at any time shall not exceed the aggregate of the amounts due on the mortgages, [charges, the value] [Substituted for the words ``charges and the value'' by Act No. 32 of 1986.] of other assets transferred or deemed to have been transferred to the [borrowing society and the amount on account of long term loans advanced without mortgage, or charge on land or other immovable property under this Act.] [Substituted for the words ``borrowing society under this Act'' by Act No. 32 of 1986.]
