Section 93 in Sikkim Co-Operative Societies Act, 1978
93. Guarantee by Government of principal of and interest on the bonds.
(1)The principal of and interest on the bonds issued under section 92 shall, subject to such maximum amount as may be fixed by the Government and subject to such conditions as the Government may think fit to impose, carry the guarantee of the Government.(2)the Government may, subject to the provisions of any Act in that regard, increase the maximum amount of any guarantee given under subsection (I).(3)The Government may, after consulting the Committee,(a)by notification in the Official Gazette, and(b)by notice of not less then fourteen days in such of the important news papers in the State and in other States of India, as the Government may select in this behalf, withdraw any guarantee given by them or reduce the maximum amount thereof or modify the conditions, subject to which it was given:Provided that the withdrawal, reduction or modification of any guarantee under this sub-section shall not in any way affect the guarantee carried by any bonds issued prior to the date on which such withdrawal, reduction or modification takes effect.
