Section 15(d) in The Orissa Housing Board Rules, 1970
(d)Subscriptions - (i) Subscriptions to the debentures may be made by cheques or demand drafts drawn in favour of the Chairman of the Board. In respect of cheques drawn on Banks other than State Bank of India, Bhubaneswar Branch, commission and collection charges as may be fixed by the Board shall be paid. The debentures be issued only after the subscriptions are fully realised.(ii)If the subscriptions exceed the total amount of the debentures to be issued, partial allotment may be made and the balance of sum paid at the time of application shall be refunded as soon as possible. No interest shall be paid on the amounts so refunded. The Board may reserve the right to retain the subscriptions received up to ten per cent in excess of the sum floated.
