State Act
Section 110. Form of Security.
The Mumbai Municipal Corporation Act.
110. Form of Security.— (1) Every mortgage authorized to be made under this Chapter 1[other than a mortgage made under section 109B] shall be by debenture in the form, contained in Schedule C or in such other form as the Corporation, with the consent of 2[the Provincial Government], shall from time to time determine. (2) Every debenture issued under this Act 3[other than a debenture issued under section 110D] shall be transferable by endorsement 4[* * * * * * * * *] (3) The right to payment of the moneys secured by any of such debentures and to sue in respect thereof shall vest in the holder thereof for the time being, without any preference by reason of some of such debentures being prior in date to others.