Section 59 in THE UTTAR PRADESH AVAS EVAM VIKAS PARISHAD ADHINIYAM, 1965
59. Debentures. - (1) The Board may, from time to time, with the previous sanction of the State Government, issue debentures for such amount and on such terms and conditions as may be prescribed.
(2)The State Government may guarantee, in such manner as it thinks fit, the payment of the principal and interest, or of either the Principal or the interest, of any debentures issued under sub-section(1);Provided that the State Government, shall, so long as any such guarantees are in force, lay before both Housing of the State Legislature in every year during the budget session, a statement of the guarantees, if any, give during the current financial year, and as up-to-date account of the total sums, if any, which have been said out of State revenues by reason of any such guarantees or paid into State revenues towards repayment of any money so paid out.(3)Debentures issued by the Board under this section shall be issued, transferred, dealt with and redeemed in such manner as may be prescribed.NotificationNotification No.3966/XXXVII-2-88--HB-68-dated 6th October 1972, published in U.P. Gazette, Part I, dated 14th October 1972, p. 6080.Whereas, the Uttar Pradesh Avas Evam Vikas Parishad hereinafter referred to as the said Board, with a view to providing necessary resources for financing their projects, raised a loan of rupees two crores and twenty lakhs only by issue of six per cent.Uttar Pradesh Avas Evam Vikas Parishad Debentures, 1984 and section of the State Government under sub-section (1) of section 59 of the Uttar Pradesh Avas Evam Vikas Parishad Adhiniyam 1965 read with rule 3 of the Uttar Pradesh Avas Evam Vikas Perished (Raising of Loans) Rule, 1972, to float a market loan of the said amount has since been accorded vide G.O. No. 1393/XXXVII-2-88-HB-688, dated March 18, 1972;And, where, the said Board has applied to the State Government for guarantee to the repayment of the principal of and payment of interest on the said loan under Section 59 of the said Adhiniyam.Now, therefore in exercise of the powers under sub-section (2) of section 59 of the said Adhiniyam, the Governor is pleased to Guarantee fully and unconditionally the payment of interest at 6 per cent. per annum on the said loan and the repayment of the principal, subject to income-tax as may due at the end of the prescribed period of 12 years.
