State Act

The Chhatrapati Shivaji Maharaj Vastu Sangrahalaya Act, 1909 and.

10. Issue of debentures.— (1) In respect of any sinking fund which by this Act the Board are directed or empowered to invest in public securities or in such other securities as the 9[10[State Government] may approve in this behalf, it shall be lawful for the Board to reserve and set apart for, the purposes of any such investment any debentures to be issued on account of any loan for which the sanction of the 11[12[State] Government] shall have been duly obtained, provided that the intention so to reserve and set apart such debentures shall have notified as a condition of the issue of the loan. (2) The issue of any such debentures direct to and in the name of “the Trustees of the Prince of Wales Museum of Western India” 13[or, as the case may be, “The Trustees of the Chhatrapati Shivaji Maharaj Vastu Sangrahalaya”] shall not operate to extinguish or cancel such debentures, but every debenture so issued shall be valid in all respects as if issued to and in the name of, any other person. (3) The purchase by or the transfer, assignment or endorsement to the Board of any debenture issued by the Board shall not operate to extinguish or cancel any such debenture but the same shall be valid and negotiable in the same manner and to the same extent as if held by or transferred, assigned or endorsed to any other person.