Section 88 in Andhra Pradesh Co-Operative Societies Act, 1964
88. Issue of debentures by the Board.
(1)With the previous sanction of the trustee, and the Government and subject to such terms and conditions as the Government may impose, the Board may, from time to time, issue debentures of such denominations for such periods as it may deem expedient, on the security of the mortgages held or mortgages partly held and partly to be acquired and other assets transferred or deemed to have been transferred under the provisions of Section 94, by the [Primary Agricultural Co-operative Societies to the financing bank and by the financing bank] [Substituted by Act No. 1 of 1987.] to the [Andhra Pradesh State Co-operative Bank Limited] [Substituted y A.P. Act No. 14 of 1994, w.e.f. 30.4.1994.] shall be substituted, 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, reserving to the Board the right to call in at any time any 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 already issued and outstanding together with that proposed to be issued shall not exceed the aggregate of-(a)the amounts due on the mortgages and the value of the other assets transferred or deemed to have been transferred under the provisions of Section 94 to the [Andhra Pradesh State Co-operative Bank Limited] [Substituted by Andhra Pradesh Act No. 14 of 1994, w.e.f. 30-4-1994.] and subsisting at such time ;(b)the accumulations in the sinking funds ;(c)the cash on hand and balances with banks and the body value or market value of securities under general funds, whichever is less.
