Section 114(3) in The Maharashtra Co-Operative Societies Act, 1960
(3)The total amount due on debentures issued by the [state Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] and outstanding at any time, shall not exceed- ,(a)where debentures are issued against mortgages [instruments of hypothecation, guarantees, pledge or charge] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(i)(A).] held, the aggregate of-(i)the amounts due on the mortgages; [and any or all of the aforesaid instruments] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(i)(B).].(ii)the value of the properties and other assets transferred or deemed to have been transferred under section 121 by the, [District Co-operative Agriculture and Rural Multi-purpose Development Banks] [These words were substituted for the words 'Primary Agriculture and Rural Development Banks' by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] to the [state Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] and subsisting as such time; and(iii)The amounts paid under the mortgages [and the other instruments] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(i)(C).] aforesaid and the unsecured amounts remaining in the hands of the [State Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra, 41 of 2005, (w.e.f. 25-8-2005), Section 8.] or the Trustee at the time;(b)Where debentures are issued otherwise than on mortgages [or the instruments aforesaid] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(ii)(A).] 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, [instruments of hypothecation, guarantee, pledge or charge.] [These words were inserted by Maharashtra 5 of 1990, Section 4(b)(ii)(B).].
