Section 117 in The Tamil Nadu Co-Operative Societies Act, 1983
117. Discontinuance or modification of guarantee by Government.
- The Government may, after consulting the board of the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank and the Trustee -(a)by notification; and(b)by notice for not less than fourteen days in such of the principal newspapers in the State of Tamil Nadu and of other States as the Government may select in this behalf, discontinue any guarantee given by them in respect of the debentures issued under section 116 or restrict the maximum amount thereof or modify, the conditions subject to which it is given, with effect from a specified date, not being earlier than six months from the date of publication of the notification.In cases where the maximum amount of the guarantee is to be restricted or the conditions subject to which the guarantee is given are to be modified, the notification and notice aforesaid shall set forth with sufficient clearness the scope and effect of the restriction or modification.Explanation. - The withdrawal, restriction or modification of any guarantee under this sub-section, shall not affect in any way the guarantee carried by any debentures issued prior to the date on which such withdrawal, restriction or modification takes effect.
