Section 9 in Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979
9. Issue of debentures by the Board.
(1)With the previous sanction of the trustee and of the State Government, the State Bank may issue debentures of one or more denominations for such periods as it may deem expect on the security of the [gehan or mortgages or hypothecation held or mortgages, charges or by hypothecation partly held or partly to be acqud] [Substituted for the words 'mortgages' vide Act No 16 of 1987 w.e.f. 16-11-87.] and other assets transferred or deemed under the provisions of section 38 to have been transferred by the [Primary Agriculture and Rural Development Banks] [Substituted for the words 'Primary Land Development Banks' vide Act No 16 of 1987 w.e.f. 16-11-87.] to the State Bank or on the security of all or any other sets and properties of the State Bank and also against the [Gehan or mortges hypothecation] [Substituted for the words 'mortgages' vide Act No 16 of 1987 w.e.f. 16-11-87.] which are to be acquired or have been deemed to be acqed by the State Bank.(2)[ Notwithstanding anything contained in sub-section (1), in respect of loans guaranteed by the Government and guaranteed to any person or to any body of persons, whether incorporated or not and whether or not established by or under any law for the time being in force if such a body h approved by the Government, the Board may, with the prior permission of the trustees, issue debentures, on the strength of such Government guarantee and without the security of gehan or mortgages or hypothecation and other assets, of one or more denominations, for such periods as it may deem expedient and subject to such conditions as the Government may think fit to impose] [Sub-Section (2) Substituted vide Act No. 16 of 1987 w.e.f. 16-11-87.].
