Section 119(1) in The Gujarat Co-Operative Societies Act, 1961
(1)With the previous sanction of the State Government and the Trustee, and subject to the rules, the [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964] in the discharge of its functions issue debenture of such denominations, for such period, and at such rates of interest, as it may deem expedient on the security of the mortgages, or mortgages to be acquired or partly on mortgages held and partly on those to be acquired and properties and other assets of its land mortgage business.
