Section 100 in The City of Nagpur Corporation Act, 1948
100. Power of Corporation to invest in its own debentures.
(1)For the purpose of investing any portion of the municipal fund, including the sinking funds, the Corporation may reserve and set apart for issue at par, to and in the name of the Nagpur Corporation, any portion of the debentures to be issued on account of any loan, provided that the intention so to reserve and set apart such debentures shall have been notified as a condition of the issue of the loan.(2)The issue of any such debentures to the Corporation as aforesaid shall not operate to extinguish or cancel such debentures, but every debenture so issued shall be valid in all respect as if issued to and in the name of any other person.(3)The purchase by, or the transfer, assignment or endorsement to, the Corporation, of any debenture issued by the Corporation, shall not operate to extinguish or cancel any such debenture, but the same shall be valid and negotiable in the same manner and to the same extent as if held by, or transferred, assigned or endorsed to any other person.
