Section 114 in The Maharashtra Co-Operative Societies Act, 1960
114. Issue of debentures.
(1)With the previous sanction of the State Government and the Trustee, and subject to such terms and conditions as the State Government may impose, the [state Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] in the discharge of its function as [a Co-operative Agriculture and Multi-purpose Rural Development Bank] [These words were substituted for the words 'an Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] may issue debentures of such denominations, for such period, and at such rates of interest, as it may deem expedient on the security of mortgages [instruments of hypothecation, guarantee, pledge or charge created in favour of the Bank, or mortgages, instruments of hypothecation, guarantee, pledge or charge to be acquired or partly on mortgages or on any of the aforesaid instruments] [These words were substituted for the words 'or mortgages to be acquired or partly on mortgages' by Maharashtra 5 of 1990, Section 4(a).] held and partly to be acquired, and properties and other assets of the [state Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.].(2)Every debenture may contain a term fixing a period not exceeding thirty years from the date of issue during which it shall be redeemable, or reserving to the committee the right to redeem at any time in advance of the date fixed for debenture not less than three months' notice in writing.(3)The total amount due on debentures issued by the [state Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] and outstanding at any time, shall not exceed- ,(a)where debentures are issued against mortgages [instruments of hypothecation, guarantees, pledge or charge] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(i)(A).] held, the aggregate of-(i)the amounts due on the mortgages; [and any or all of the aforesaid instruments] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(i)(B).].(ii)the value of the properties and other assets transferred or deemed to have been transferred under section 121 by the, [District Co-operative Agriculture and Rural Multi-purpose Development Banks] [These words were substituted for the words 'Primary Agriculture and Rural Development Banks' by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] to the [state Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] and subsisting as such time; and(iii)The amounts paid under the mortgages [and the other instruments] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(i)(C).] aforesaid and the unsecured amounts remaining in the hands of the [State Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra, 41 of 2005, (w.e.f. 25-8-2005), Section 8.] or the Trustee at the time;(b)Where debentures are issued otherwise than on mortgages [or the instruments aforesaid] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(ii)(A).] held, the total amount as calculated under clause (a) increased by such portion of the amount obtained on the debentures as is not covered by a mortgage, [instruments of hypothecation, guarantee, pledge or charge.] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(ii)(B).].
