(1) Notwithstanding anything contained elsewhere in this Act, a Issue of co-operative credit society may, with the prior approval of the State bonds.
Government and subject to its by-laws, borrow money by issue of bonds in conformity with such directions or instructions as may be given by the Reserve Bank of India from time to time.
(2) The bonds shall be in the form of promissory notes repayable on the expiry of such period from the date of issue thereof as may be approved by the Reserve Bank of India:
Provided that the board may repay the amount due under the bonds to the holders thereof at any time before the expiry of the aforesaid period after issuing a notice in such manner as it may direct in this behalf.
(3) The provisions of section 44 shall, with such modifications as may be made by the State Government in consultation with the Reserve Bank of India, apply to the borrowings under sub-section (1) of this section.