(l) With the previous sanction of the Government and the trustee the Board may for the purpose of financing Housing Societies issue debentures of such denominations, on the security of mortgages held property or such assets of the Housing Society and at such rates of interest as may be prescribed.
(2) Every debenture may contain a term fixing a period not exceeding twenty-five years from the date of issue during which it shall be irredeemable or reserving to the Board the right to call it in at any time in advance of the date fixed for redemption, after giving to the holder of the debenture not less than three months notice in writing.
(3) The total amount due on debentures issued by the Board shall not exceed—
(i) the amount due on the mortgages,
(ii) the value of other assets of the Housing Societies,
(iii) the amount paid under the mortgages and the unsecured amount remaining in the hands of the Board or the trustee at that time.