(1) The Board may, from time to time, with the previous sanction of the State Government, issue debentures for such amounts and on such terms and conditions as may be prescribed.
(2) The State Government may guarantee, in such manner as it thinks fit, the payment of the principal and interest, or of either the principal or the interest, of any debentures issued under sub-section(1):
Provided that the State Government , shall , so long as any such guarantees are in force, lay before both Houses of the State Legislature in every year during the budget session, a statement of the guarantees, if any, given during the current financial year, and an up-to-date account of the total sums, if any, which have been paid out of State revenues by reason of any such guarantees or paid into State revenues towards repayment of any money so paid out.
(3) Debentures issued by the Board under this section shall be issued, transferred, dealt with and redeemed in such manner as may be prescribed.