Section 115(3) in Jammu and Kashmir Co-Operative Societies Act, 1989
(3)The total amount due on debentures issued by the Board shall not exceed(i)the amount due on the mortgages,(ii)the value of other assets of the Housing Societies,(iii)the amount paid under the mortgages and the unsecured amount remaining in the hands of the Board or the trustee at that time.
