Section 79(3) in Karnataka Co-Operative Societies Act, 1959
(3)The total amount due on debentures issued [or loans taken] [Inserted by Act 5 of 1984 w.e.f. 09.01.1984.] by the [State Agriculture and Rural Development Bank] [Substituted by Act 5 of 1984 w.e.f. 09.01.1984.], and outstanding at any time, shall not exceed-(a)where debentures are issued [or loans are taken against mortgages or charges on lands or hypothecations of agricultural machinery or other assets created out of loans] [Substituted by Act 5 of 1984 w.e.f. 09.01.1984.] 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 85 by the Primary [Agriculture and Rural Development Banks] [Substituted by Act 5 of 1984 w.e.f. 09.01.1984.] to the [State Agriculture and Rural Development Bank] [Substituted by Act 5 of 1984 w.e.f. 09.01.1984.] and subsisting at such time; and(iii)the amounts paid under the mortgages aforesaid and the unsecured amounts remaining in the hands of the [State Agriculture and Rural Development Bank] [Substituted by Act 5 of 1984 w.e.f. 09.01.1984.] or the Trustee at the time;(b)where debentures are issued [or loans are taken] [Inserted by Act 5 of 1984 w.e.f. 09.01.1984.] 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.]
