Section 52 in Jammu and Kashmir Co-operative Societies Rules, 2001
52. Issue of debentures (a) The Housefed may issue debentures for the purpose of raising funds under section 115 of the Act with prior permission of the Govt., and the trustee. The Registrar, Co-operative Societies will be the sole trustee for which necessary documents will be executed by the Housefed.
(b)The debentures will be of Rs. 500.00 each and the rate of interest will be 10% per annum as specified by the Housefed from time to time with the previous approval of the trustee. The debentures shall be issued for a period of 20 years. For earlier redemption three months advance notice shall be issued.(c)The Government will stand guarantee for the repayment of the principal and interest on debentures to the extent of rupees one crore. This amount may be increased with the increase of the assets of Housefed.
