Section 15(a) in The Orissa Housing Board Rules, 1970
(a)Borrowing sums by the Board - (i) The Board may, with the previous sanction of the Government, borrow moneys by issuing debenture for the purpose of the Act.(ii)The total amount of debentures to be issued, issue price, form of debenture and the date of maturity shall be determined by the Board from time to time with the prior approval of Government.(iii)The rate of interest shall be such as may be fixed from time to time by the Government.(iv)A sinking fund shall be constituted for redemption of the debentures.(v)These debentures shall be negotiable by endorsement and delivery.
