Section 145 in Chennai City Municipal Corporation Act, 1919
145. Form and effect of debentures.
- All debentures issued under this Chapter shall be in such form as the council, with the previous sanction of the [State Government] [The words 'Provincial Government' were substituted for the words 'Local Government' by the Adaptation Order of 1937 and the word 'State' was substituted for 'Provincial' by the Adaptation Order of 1950.], may determine, and shall be transferable in such manner as shall be therein expressed; and the right to sue in respect of the moneys secured by any of such debentures shall vest in the holders thereof for the time being without any preference by reason of some such debentures being prior in date to others.
