Section 44 in The West Bengal Co-Operative Societies Act, 1983
44. Issue of debentures. -
(1)A co-operative society may receive loans by issue or re-issue of debentures of one or more denominations for such period as may be prescribed. Such debentures shall not be issued or reissued save with the express authority of the State Government.(2)The State Government shall guarantee the principal and interest on the debentures, subject to such conditions as it may lay down. The State Government shall appoint the Registrar or any other person as Trustee for securing the fulfilment of the obligations of the co-operative society to holders of the debentures. The Trustee so appointed shall exercise the powers and perform the functions of a Trustee laid down in the Indian Trusts Act, 1882.(3)The State Government may by order declare that the debentures issued under sub-section (1) shall be deemed to be securities within the meaning of section 20 of the Indian Trusts Act, 1882. The form of the debentures and any subsequent modification therein shall be subject to the previous approval of the State Government.
