Section 83 in The Orissa Co-operative Societies Act, 1962
83. Guarantee by State Government of principal and interest on debentures.
(1)The principal of, and interest on, the debentures issued under Section 81 shall, in respect of such maximum amount as it may be fixed by the State Government and subject to such condition as it may think fit to impose, carry the guarantee of the State Government.(2)The State Government may, subject to any law made by the Legislature increase the maximum amount of any guarantee given under Sub-Section (1).(3)The State Government may, after consulting the Board and the Trustee-(a)by notification in the official Gazette; and(b)by notice of not less than fourteen days in such of the principal newspapers in the State and of other States as the State Government may select in this behalf;discontinue any guarantee given by it or restrict the maximum amount thereof or modify the condition, subject to which it is given, with effect from a specified date, not being earlier than six months from the date of the notification in the Official Gazette:Provided that the withdrawal, restriction or modification of any guarantee under this Sub-section, shall not in any way affect the guarantee carried by any debentures issued prior to the date on which such withdrawal, restriction or modification takes effect.(4)Every notification and notice referred to in Sub-Section (3) shall, where the maximum amount of the guarantee is to be restricted or the conditions subject to which the guarantee is given are to be modified, set forth precisely the scope and effect of the restriction or modification, as the case may be.
