Section 181 in The Orissa Municipal Corporation Act, 2003
181. Issue of stock certificates.
(1)The Standing Committee on Taxation, Finance and Accounts at its discretion may, at the time of issue or at any time during the currency of any debenture or security issued under this Act, upon the application of the subscriber for or holder of any such debenture or security, issue to him in lieu of the debenture or security deliverable to, or held by, him a certificate in the nature of a stock certificate in respect of the loan to which such debenture or security relates, which shall be in such form as the Corporation with the previous consent of the Government shall, from time to time, determine, and all the provisions as to interest or dividend on such debentures or securities shall, so far as may be, apply to the interest on the stock Certificate.(2)The repayment of the principal sum mentioned in a stock certificate issued under Sub-section (1) in lieu of debenture or any other security, not being a debenture issued under this Act in renewal of such a debenture, and the interest payable thereon shall be deemed to be secured by a mortgage of a proportion of all the taxes which may be levied under this Act in the same manner and to the same extent as if a debenture for the same sum has been issued in the form as may be prescribed.(3)The said Standing Committee shall, upon the application of the holder of stock Certificate, convert the same into debentures or securities of the loan to which it relates.(4)The Corporation may from time to time, make, alter or rescind bye-laws regulating-(a)the amounts for which stock certificate may be issued;(b)the fees to be imposed in respect of the issue of stock certificates;(c)the form of keeping a register of the holders of stock;(d)the mode in which payment of interest to holders of stock is to be made, recorded and acknowledged;(e)the form of transfer to be used, the formalities to be observed and the fees to be imposed on a transfer of stock;(f)the circumstances and manner in which duplicate stock certificate may be issued and the fees to be imposed or the indemnity to be required on any such issue; and(g)generally the measure to be adopted for carrying out the object of this section.
