The West Bengal Co-operative Societies Act, 1973State Act of West Bengal · Act 38 of 1973
(1) In the case of any debentures or of any class or series or issue of debentures issued under this Act, the State Government shall—
(a) guarantee the principal thereof and the interest thereon, subject to such maximum amount of principal or such rate of interest and to such other conditions, as may be prescribed;
and
(b) notwithstanding anything contained in the Indian Trusts 2 of 1882.
Act, 1882, declare that such debentures shall be deemed to be included among the securities enumerated in section 20 of the said Act.
(2) Such debentures shall not be issued by a co-operative society save with the express authority of the State Government.
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