Section 18 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
18. Terms and period of debentures.
- With the previous sanction of Trustee, the Board may issue on such terms and conditions as to redemption, interest or otherwise, as may be approved by Government, debentures of one or more denominations payable within such period not exceeding 25 years as the Board may fix on the security of mortgages and other assets transferred or deemed to have been transferred under the provisions of Section 21 of the Act and the other properties of the Bank assigned by the (deleted) members of the Bank. The debentures shall bear interest at a rate fixed by Board and approved by the Government to be paid on such date or dates as the Board may fix at the time of issuing debentures and no interest shall be payable on the amounts as interest, if such interest is not drawn on the due date.
