Section 96 in The Orissa Development Authorities Rules, 1983
96. Form, signature, exchange, transfer and effect of debenture.
(1)Whenever money is borrowed by the Authority on debenture, shall be in such form as the Authority may, from time to time determine.(2)All debentures and counterfoils thereof shall bear the signature of the Vice-Chairman or any other officer authorised by the Authority in this behalf and such signature may be engraved, lithographed or impressed by any mechanical device.(3)The holder of any debenture in any form determined under Sub-rule (1) may obtain in exchange thereof, upon such terms as the Authority may from time to time specify, a debenture in any other form so determined.(4)Every debenture issued by the Authority shall be transferable by endorsement, unless some other mode of transfer be specified therein.(5)The right to sue in respect of money secured by debenture issued by the Authority shall vest in the respective holders of the debenture for the time being, without any preference by reason of some of such debentures being prior in date to others.(6)Where two or more persons are joint holders of any debenture or security issued under the Act, any one of such persons may give an effectual receipt for any interest or dividend payable in respect of such debenture or security, unless notice to the contrary has been given to the Authority by any other of such persons.
