(1) Whenever money is borrowed by the Board on debentures, the debentures shall be in such form as the Board may, with the previous sanction of the Government, determine.
(2) All debentures shall be signed by the Chairman and by one of the members of the Board or by any other officer empowered by the Board in this behalf.
(3) The holder of any debenture in any form determined under sub-section (1) may obtain in exchange therefor a debenture in any other form determined under the said sub-section and on such terms as may be specified by the Board.
(4) Every debenture issued by the Board shall be transferable by endorsement, unless some other mode of transfer is specified therein.
(5) All coupons attached to debentures issued under this Act shall bear the signature of the Chairman; and such signature may be engraved, lithographed or impressed by any mechanical process.
Payments to survivors of joint payees
76. When any debenture or security issued or granted under this Chapter is payable to two or more persons jointly, and either or any of them dies, then, notwithstanding anything contained in section 45 of the Indian Contract Act 1872 (Central Act 9 of 1872), the debenture or security shall be payable to the survivors of such persons:
Provided that nothing in this section shall affect any claim by the representative of the deceased person against such survivor or survivors.
Receipt by joint holder for interest or dividend
77. Where two or more persons are joint holders of any debenture or security issued or granted under this Chapter, any payment made to the first mentioned person therein of any dividend or interest payable in respect of such debenture or security shall be a full discharge of the liability of the Board in respect of such dividend or interest.
Priority of payments for interest and re-payment of loans
78. In making payment of dues from the Board, the Board shall give priority to repayment of loans borrowed by it and of interest thereon over all other dues from the Board.
Repayment of loans
79. Every loan taken by the Board shall be repaid by the Board within the period agreed upon by the Board and subject to such restrictions and conditions as may be prescribed by rules in that behalf, by such of the following methods as may be approved by the Government, namely:- 122
(a) from a sinking fund established under section 80 in respect of the loan; or
(b) by paying in equal yearly or half-yearly instalments of principal or of principal and interest, throughout the said period; or
(c) if the Board has, before borrowing money on debentures, reserved by public notice, a power to pay off the loan by periodical instalments and to select by lot the particular debentures to be discharged at particular periods then, by paying such instalments at such periods; or
(d) from money borrowed for the purpose; or
(e) partly from the sinking fund established under section 80 in respect of the loan, and partly from money borrowed for the purpose.
Establishment and maintenance of sinking fund