Section 118 in The Tripura Co-operative Societies Act, 1974
118. Issue of debentures.
(1)Withe the previous sanction of the Government and the Trustee, and subject to such terms and conditions as the Government may impose, the co-operative land development bank may issue debentures of such denominations, for such period and at such rates of interest as it may deem expedient on the security of mortgages, or mortgages to be acquired or partly on mortgages held and partly to be acquired, and properties and other assets of the co-operative land development bank.(2)Every debenture may contain a term fixing a period not exceeding thirty years from the date of issue during which it shall be redeemable, or reserving to the committee the right to redeem at any time in advance of the date fixed for redemption, after giving to the holders of the debenture not less than three months' notice in writing.(3)The total amount due on debentures issued by the co-operative land development bank, and outstanding at any time, shall not exceed-(a)where debentures are issued against mortgages held, the aggregate of-(i)the amount due on the mortgages;(ii)the value of the properties and other assets transferred by the members to the co-operative land development bank and subsisting at such time; and(iii)the amounts paid under the mortgages aforesaid and the unsecured amounts remaining in the hands of the co-operative land development bank or the Trustee at the time;(b)where debentures are issued otherwise than on mortgages held, the total amount as calculated under Clause (a) increased by such portion of the amount obtained on the debentures as is not covered by a mortgage.
