Section 81 in The Orissa Co-operative Societies Act, 1962
81. Issue of debentures by the Board.
(1)With the previous sanction of the Trustee, the Board may from time to time issue debentures of one or more denominations for such periods as it may deem expedient on the security of the mortgages and assets held by or transferred or deemed under the provisions of Section 87 to have been transferred by the [Cooperative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.] to the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.] and other properties of such Bank.(2)Such debentures may contain a term fixing a period not exceeding ten years from the date of issue during which they shall be irredeemable, or reserving to the Board the right to call in at any time of the debentures in advance of the date fixed for redemption, after giving to the debenture-holder concerned not less than three months notice in writing.(3)The total amount due on the debentures issued by the Board and outstanding at any time shall not exceed the aggregate of -(a)the total amount due on the mortgages held by the [State Cooperative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.] or transferred or deemed under the provisions of Section 87 to have been transferred to it by the [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.] and the value or the assets in respect of the land mortgage business held by the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.] and subsisting at such time; and(b)the amounts paid under the mortgages aforesaid and remaining in the hands of the Board or of the Trustee at that time.(4)Notwithstanding anything contained in this Chapter -(a)the Board may, with the previous sanction of the Trustee, issue debentures on the security of mortgages executed in favour of the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.]; and(b)all mortgages executed in favour of the said Bank prior to the coming into force of this Act, shall be deemed to be mortgages executed under Clause (a).(5)The provisions contained in this Chapter, which are applicable to mortgages executed in favour of a [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.], shall mutatis mutandis, apply to mortgages executed or deemed to be executed in favour of the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.] under Sub-Section (4).
