The total amount due on debentures issued by the Board and outstanding at any time shall not exceed,-
(a) where debentures are issued against 2[Gehan, mortgages or hypothecation] held, the aggregate of,-
(i) the amounts due on the 3[Gehan, mortgages or hypothecation];
(ii) the value of the properties and other assets transferred under section 38 by the 4[Primary Agriculture and Rural Development Banks] to the State Bank and subsisting at such time; and
(iii) the amounts paid under the 5[Gehan, mortgages or hypothecation] aforesaid and the unsecured amounts remaining in the hands of the State Bank or the trustee;
(b) where the debentures are issued otherwise than on 6[Gehan, mortgages or hypothecation] held, the total amount as
1. Sub-section (2) inserted vide H.P. Act No. 16 of 1987, effective from 16th November, 1987.
2. Substituted for the word "mortgages" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
3. Substituted for the word "mortgages" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
4. Substituted for the words "Primary Land Development Banks" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
5. Substituted for the word "mortgages" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
6. Substituted for the word "mortgages" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
THE HIMACHAL PRADESH CO-OPERATIVE AGRICULTURE AND RURAL 11 DEVELOPMENT BANKS ACT, 1979 calculated under clause (a) increased by such portion of the amount obtained on the debentures as is not covered by a 1[Gehan, mortgages or hypothecation].
2[11-A. Power to borrow money by issue of bonds or by way of loans.- (1) Notwithstanding anything contained in the Himachal Pradesh Cooperative Societies Act, 1968 (3 of 1969) the Board may, with the prior approval of the Government and subject to the regulations made under this Act, borrow money by issue of bonds:
Provided that the issue of the bonds shall be in conformity with such directions or instructions as may be issued by the Reserve Bank of India or the National Bank for Agriculture and Rural Development from time to time.
(2) The bonds shall be in the form of promissory notes and shall be repayable on the expiry of such period or periods from the date of issue thereof as may be approved by the Reserve Bank of India or the National Bank for Agriculture and Rural Development:
Provided that the Board may repay the amount due under the bonds at any time before the period or periods so fixed, after issuing a notice in such manner as the Board may direct in that behalf to the holders of the bonds.
(3) Notwithstanding anything contained in the Himachal Pradesh Cooperative Societies Act, 1968 (3 of 1969), the Board may borrow money by way of loans from the Government, the National Bank for Agriculture and Rural Development, the Reserve Bank of India or such other financial institutions as may be approved by the trustee].