CourtMesh

Section 6: Issue of debentures by the Board

The U P Sahkari Gram Vikas Bank Act 1964State Act of Uttar Pradesh · Act 16 of 1964

6. Issue of debentures by the Board. - [(1) With the previous sanction of the State Government and the Trustee and subject to such terms and conditions as the State Government may impose, the Board may from time to time, issue debentures of one or more denominations, for such period or periods as it may deem expedient, against the unconditional guarantee by the State Government for repayment in full of the principal and payment of interest thereon or on the security of mortgages, charges or hypothecations partly held and partly to be acquired and the properties and other assets transferred or deemed to have been transferred under the provisions of Section 12 by the [Gram Vikas Banks] to the [Uttar Pradesh Gram Vikas Bank] and other properties of the [Uttar Pradesh Gram Vikas Bank];] .

[(2) Provided that no debenture shall be issued otherwise than 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.]

(3) Such debentures may contain a term fixing a period not exceeding [twenty years] from the date of issue during which they shall be irredeemable, or reserving to the Board the right to call in at any of the debentures in advance of the date fixed for redemption, after giving to the debenture holders concerned not less than three months' notice in writing.

[(4) The total amount due on debentures already issued by the Board under sub-section (1), together with the amount of any debentures proposed to be issued, shall not exceed the aggregate of-

(a) the amounts due. on the mortgages or charges or hypothecations [or any loan advanced against the unconditional guarantee by the State Government] and the value of other assets transferred or deemed under Section 12 to have been transferred by the [Gram Vikas Banks] to the [Uttar Pradesh Gram Vikas Bank];

(b) the accumulations in the Debenture Redemption Fund;

(c) the cash in hand and the balance with the banks and the book value or market value of securities under general funds, whichever is less; and

(d) such percentage of the amounts mentioned in clauses (a), (b) and (c), as may be prescribed.]

Where this provision sits

ActThe U P Sahkari Gram Vikas Bank Act 1964
Section6
Marginal noteIssue of debentures by the Board
JurisdictionState of Uttar Pradesh
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, U.P. Act No. 27 of 1978. Subs. by U.P. Act No. 27 of 1978
  • substituted, U.P. Act No. 19 of 1994. Subs. by U.P. Act No. 19 of 1994
  • substituted, U.P. Act No. 19 of 1994. Subs. by U.P. Act No. 19 of 1994 for the words "Uttar Pradesh Rajya Sahkari Krishi Evam Gramya Vikas Bank."
  • inserted, U.P. Act No. 16 of 1989. Inserted by U.P. Act No. 16 of 1989
  • substituted, U.P. Act No.16 of 1989. Subs. by U.P. Act No.16 of 1989, for the words "ten years"
  • inserted, U.P. Act No. 16 of 1989. Inserted by U.P. Act No. 16 of 1989.

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

  • Search 49,000+ Central and State enactments by what a provision says, not by its number
  • Jump from any section to every judgment that has applied it
  • Search 300 million+ Indian court records alongside the statute
  • Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The U P Sahkari Gram Vikas Bank Act 1964 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.