(1) The Registrar shall be the Trustee for the purpose of securing the fulfillment of the obligations of the [Uttar Pradesh Gram Vikas Bank] 3 to the holders of debentures issued by the Board.
(2) The powers and functions of the Trustee shall be governed by the provisions of this Act and by the instrument of Trust executed between the [Uttar Pradesh Gram Vikas Bank] 3 and the Trustee as modified [or substituted] 2 from time to time by their mutual agreement and with the approval of the State Government.
Trustee to be corporation sale
5. The Trustee appointed under section 4 shall be a corporation sole by the name of the Trustee and shall have perpetual succession and a common seal and in his corporate name may sue and be sued.
1. Substituted by section 2 (ii) of U. P. Act No. 27, of 1978.
2. Ins. by Section 3 ibid.
3. Substituted by section 4 (b) of U.P. Act No. 19 of 1994.
4. Subs. by section 4 (d) ibid.
[The Uttar Pradesh Sahakari Gram Vikas Bank Act, 1964] [Section 6-7] Issue of debentures by the board
6. [(1) With the previous sanction or 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 Bank] 8 to the [Uttar Pradesh Gram Vikas Bank] 7 and other properties of the State Land Development Bank :]
1 [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.]
4
(2) Such debentures may contain a term fixing a period pot exceeding [twenty years] 5 , from the date of issue during which they shall be irredeemable, or reserving to the Board the right to all in at any time 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.
[(3) The total amount due on debenture already issued by the Board under subsection (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 any loan advanced against the unconditional guarantee by the State Government] 6 and the value of other assets transferred or deemed under section 12, to have been transferred by the [Gram Vikas Bank] 8 to the [Uttar Pradesh Gram Vikas Bank] 7 and subsisting at such time;
(b) the accumulations in the Debenture Redemption Fund;
(c) the cash in hand and the balances 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.]
2 Vesting of property in Trustee and Debenture holders charge on the assets
7. [Upon he issue of debentures under section 6, the benefit under the State Government guarantee and the mortgaged properties and other assets referred to in sub-section (3) of the said section and held by the Board, shall vest in the Trustee and the holders, of the debentures shall be entitled to the benefit of the guarantee of the State Government and shall also have a floating charge on all such mortgages and assets and amounts paid under such guarantee or mortgages and remaining in the hands of the [Uttar Pradesh Gram Vikas Bank] 7 or of the Trustee.]
3
1. Substituted by section 4 (i) of U. P. Act No. 27, of 1978.
2. Substituted by section 4 (ii) ibid.
3. Substituted by section 5 ibid.
4. Added by section 6 (a) of U.P. Act No. 16 of 1989
5. Subs. by section 6 (b) ibid.
6. Ins. by section 6 (c) ibid.
7. Substituted by section 4 (b) of U.P. Act No. 19 of 1994.
8. Subs. by section 4 (d) ibid.
[The Uttar Pradesh Sahakari Gram Vikas Bank Act, 1964] [Section 8-9A] Guarantee by State Government of principal and interest on debentures