Section 118(3) in The Tripura Co-operative Societies Act, 1974
(3)The total amount due on debentures issued by the co-operative land development bank, and outstanding at any time, shall not exceed-(a)where debentures are issued against mortgages held, the aggregate of-(i)the amount due on the mortgages;(ii)the value of the properties and other assets transferred by the members to the co-operative land development bank and subsisting at such time; and(iii)the amounts paid under the mortgages aforesaid and the unsecured amounts remaining in the hands of the co-operative land development bank 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.
