Section 39 in The M.P. Electricity (Supply) Finance Rules, 1967
39. Saving for Government.
- No security shall be issued or granted as a security in respect of which the payment of the principal and interest of the principal or interest is guaranteed by Government until the amount, price, rate of interest, date and method of issue of such security, the arrangements for the application of the proceeds of the issue and for the repayment of the proceeds have been previously approved by the Government and no variation of any such arrangements shall be made without the like approval of the Government.Appendix[See Sub-rule (2) of Rule 12]Form of Mortgage[M.P. State Electricity Board]No.Rs.By virtue of the Electricity (Supply) Act, 1948, the Madhya Pradesh State Electricity (Supply) Finance Rules, 1967, and of other powers, enabling it in that behalf the M.P. State Electricity Board (hereinafter referred to as "The Board") inconsideration of the sum of Rs........... (hereinafter referred to as "the principal sum") paid to the Board by.......... of............ (hereinafter referred to as "the mortgagee") do hereby grant and assign unto the mortgagees, (his) executors, administrators and assigns such proportion of the undertaking and revenues of the Board as the principal sum both or shall bear to the whole sum which is or shall be charged on the said undertaking and revenues. To hold unto the mortgagee, (his) executors, administrators and assigns from the day of date of these presents until the principal shall be fully paid and satisfied with the interest for the same (subject as hereinafter provided) at the rate of.......... per centurm per annum from the......... day of......... nineteen hundred and.......... until the payment of the principal sum, such interest to be paid half-yearly on the........... day of........ in each year, and it is hereby agreed that the principal sum shall be repaid at the principal office of the (Registrar of Mortgages of the) Board on the.......... day of........... Nineteen hundred and......Provided always and it is hereby agreed and declared that the before-mentioned time for repayment may from time to time by agreement between the Board and the mortgagee be extended to a subsequent day and upon any such extension the before mentioned rate of interest may be altered to such other rate or rates of interest as shall from time to time be agreed upon between the Board and the mortgagee and mentioned in an endorsement to be made hereon under the hand of the Chairman or Secretary of the Board for the time being and that upon any such endorsement being made whether relating to extension of time only or to extension of time with alteration of rate of interest the provisions thereof shall be incorporated herewith and shall operate and take effect as though they had been originally interested herein.In witness whereof the Board have caused its common seal to be hereunto affixed this.......... day of......... nineteen hundred and..........Secretary of the BoardThe Endorsement within referred to............. The within named........ consenting the within mentioned........ time for repayment of the within mentioned principal sum of Rs.......... is.......... hereby extended to the day of......... nineteen hundred and......... (and the interest to be paid thereon on and from the........... day of........... nineteen hundred.......... and is hereby declared to be at the rate of per centum per annum.)......... Date.......... this.......... day of......... nineteen hundred and...........
