Section 114(3) in The Manipur Co-operative Societies Act, 1976
(3)The total amount due on debentures issued by the State Land Development Bank, and outstanding at any time, shall not exceed-(a)where debentures are issued against mortgages held, the aggregate of-(i)the amounts due on the mortgages;(ii)the value of the properties and other assets transferred or deemed to have been transferred under Section 121 by the Primary Land Development Banks and to the State Land Development Bank and subsisting at such time; and(iii)the amounts paid under the mortgage aforesaid and the unsecured amounts remaining in the hands of the State Land Development Bank or the Trustee at the time;(b)where debentures are issued otherwise than on mortgages 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.
