(1) The principal of and the interest on tlle debentures Issued under sectwn 4 to su{;h maxi mum am·1unt as may be fixed by the Government and subject to such conditions as they may think fit to impose, shall, subject to the p10vis10ns of sub-section (3), carry the guarantee of the Government.
(2) The Government may, after consultmg the State Legis lative Assembly, increase the maximum amount of any guarantee given by them.
(3) The Government may, after consulting the Board and the Truslee,-
(a) by notification 1n the Gazette, and
(b) by notice for not less than 14 days in such of the principal newspapers in the State and in other States in India, as the Guvernment may select in this behalf, discontinue any guarantee given by them or restrict the maxi mum amount thereof or modify the condH10ns subject to which it is given, with effect from a specified date, not being earlier than six months from the date of publication of the notification in lhe Gazette.
In cases where the maximum amount of the guarantee is to be restncted or the conditions subject to which the guarantee is given are to be modified, the notification and notke aforesrud shall stt forth, with sufficient clearness, the scope and effect of the restriction or modification.
Explanation.-Tbe withdrawal, restnctlon or modification of any guarantee under this sub-section shall not affect, in any way, the guarantee carried by any de ben lures issued pnor to the date on which su..:h withdrawal, restriction or modification takes eff.ct.
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