Section 44E(1) in The Bihar Co-operative Societies Act, 1935
(1)With the previous sanction of the Trustee, and subject to such terms and conditions as he may impose, the Board may from time to time, issue debentures of such denominations for such period as it may deem expedient on the security of the mortgages held or mortgages partly held and partly to be held and either transferred or deemed to have been transferred, under the provisions of section 44-J, to the Co-operative Land Development Bank and other properties of such Bank:Provided that notwithstanding anything contained in this sub-section regarding issue of debentures on security of mortgages, it shall be competent for the Board with the previous sanction of the trustee, and subject to such terms and conditions as it may impose to issue debentures in the security of the Government guarantee regarding re-payment of principal and payment of interest thereon in respect of loans issued to the corporate bodies implementing special schemes of agricultural development, irrigation etc., on the basis of Government Guarantee.
