State Act

The Mumbai Municipal Corporation Act.

3[110D. Debentures issued under Bombay Act IV of 1898, and XVI of 1925.— (1) The holder of any debenture issued by the Board of Trustees for the Improvement of the City of Bombay under the City of Bombay Improvement Act, 1898 (Bom. IV of 1898), or the City of Bombay Improvement Trust Transfer Act, 1925 (Bom. XVI of 1925), may obtain in exchange therefor, upon such terms as the corporation shall from time to time determine, a debenture in any other form which the corporation may, with the previous consent of 4[the 5[State] Government], prescribe. (2) Every debenture issued under the City of Bombay Improvement Act, 1898 (Bom. IV of 1898), or the City of Bombay Improvement Trust Transfer Act, 1925 (Bom. XVI of 1925), or by the corporation under sub-section (1) shall be transferable— (a) if it is in the form of Schedule AA by endorsement, and (b) if it is in any other form, in such manner as is therein expressed. (3) The rights to sue in respect of the moneys secured by debentures issued under this section or the City of Bombay Improvement Act, 1898 (Bom. IV of 1898), or the City of Bombay Improvement Trust Transfer Act, 1925 (Bom. XVI of 1925), shall vest, in the respective holders thereof for the time being without any preference by reason of some of such debentures being prior in date to others.