Section 116(2) in The Tamil Nadu Co-Operative Societies Act, 1983
(2)(a)Notwithstanding anything contained in sub-section (1) in respect of loans granted to such -(i)corporations;(ii)local bodies;(iii)institutions;(iv)co-operative societies; and(v)individualsas may be approved by the Government, the board of the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank may, with the previous permission of the Trustee, issue debentures, with Government guarantee and without the security of mortgages, of one or more denominations for such periods as it may deem expedient and subject to such conditions as the Government may think fit to impose.(b)The debentures issued under clause (a) may contain a term, fixing a period not exceeding ten years from the date of issue during which they shall be irredeemable or reserving to the board of the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank the right to call in at any time any of such debentures in advance of the date fixed for redemption, after giving to the debenture-holder concerned, not less than three months' notice in writing.
