Section 118 in The Bombay Provincial Municipal Corporations Act, 1949
118. Form of debentures. - (1) Debentures issued under this Act shall be in such form as the Corporation may with the previous sanction of the [State] Government from time to time determine.
(2)The holder of any debenture in any form duly authorised under sub-section (1) may obtain in exchange therefor, upon such terms as the Corporation shall from time to time determine, a debenture in any other form so authorised.(3)Every debenture issued by the Corporation under this Act shall be transferable by endorsement.(4)The right to payment of the moneys secured by any of such debentures and to use in respect thereof shall vest in the holder for the time being without any preference by reason of some of such debentures being prior in date to others.
