Section 11A in Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979
11A. [ Power to borrow money by issue of bonds or by way of loans. [Section 11-A added, vide Act No. 16 of 1987 w.e.f. 16-11-87.]
(1)Notwithstanding anything contained in the Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969) the Board may, with the prior approval of the Government and subject to the regulations made under this Act, borrow money by issue of bonds :Provided that the issue of the bonds shall be in conformity with such directions or instructions as may be issued by the Reserve Bank; of India or the National Bank for Agriculture and Rural Development from time to time.(2)The bonds shall be in the form of promissory notes and shall be repayable on the expiry of such period or periods from the date of issue thereof as may be approved by the Reserve Bank of India or the National Bank for Agriculture and Rural Development :Provided that the Board may repay the amount due under the bonds at any time before the period or periods so fixed after issuing a notice in such manner as the Board may direct in that behalf to the holders of the bonds.(3)Notwithstanding anything contained in the Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969), the Board may borrow money by way of loans from the Government, [the National Bank for Agriculture and Rural Development, the Reserve Bank of India or such other financial institutions as may be approved by the trustee]].
