State Act
Section 90. Form, signature, exchange, transfer and effect of debenture
THE ORISSA TOWN PLANNING & IMPROVEMENT TRUST ACT, 1956
90 - Form, signature, exchange, transfer and effect of debenture :- (1) Whenever money is borrowed by the Planning authority on debentures the debentures shall be in such form the said authority with the previous sanction of the State Government may from time to time determine. (2) All debentures shall be signed by the Chairman and one other member of the Planning authority. (3) The holder of any debenture in any form prescribed under Sub -section (1) may obtain in exchange there for, upon such terms as the Planning authority may, from time to time determine a debenture in any other form so prescribed. (4) Every debenture issued by the Planning authority shall be transferable by endorsement unless some other mode of transfer by prescribed therein. (5) The right to use in respect of moneys secured by debentures issued by the Planning authority shall vest in the respective holders of the debentures for the time being, without any preference by reason of some of such debentures being prior to the date to others.