Section 9 in The Punjab Co-operative Land Mortgage Banks Act, 1957
9. Maximum limit of debentures.
- The total amount due on the debentures issued by the Board and outstanding at any time shall not exceed the aggregate of the amount due on the mortgages, the value of the other assets, transferred or deemed under the provisions of section 25 to have been transferred by the Primary Land Mortgage Banks to the State Bank and subsisting at such time and the amounts paid under the mortgages aforesaid and remaining in the hands of the Board or of the Trustee at that time.
