Section 86 in Jammu and Kashmir Co-Operative Societies Act, 1989
86. Guarantee by Government of Principal of, and interest on debentures bonds etc.
(1)The principal of, and interest on, the debentures issued under section 83 or bonds issued or loans raised under section 84 to such maximum amount as may be fixed by the Government from time to time and subject to such conditions as it may deem fit to impose;shall carry the guarantee of the Government.(2)The Government may, increase the maximum amount of any guarantee given under sub-section (1).(3)The Government may, after consulting the Board and the Trustee,-(a)by notification in Government Gazette, and;(b)by notice of not less than fourteen days in such of the Principal newspaper in the State and other States in India as the Government may select in this behalf,discontinue any guarantee given by it 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 the Government Gazette:Provided that the withdrawal, restriction or modification of any guarantee under this sub-section shall not in any way affect the guarantee carried by the debentures issued prior to the date on which such withdrawal, restriction or modification takes effect.(4)Every notification and notice referred to in sub-section (3), shall, 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, set fourth precisely the scope and effect of the restriction or modification, as the case may be.
