State Act
157
Section 157. Form of security.
The Greater Hyderabad Municipal Corporation Act, 1955.
Act no. 2 of 19561956In forceTelangana (State Act)
157. (1) Every mortgage authorised to be made under this Chapter other than a mortgage made under section 155 shall be by debenture in the form contained in Schedule D or in such other form as the Corporation, with the consent of the Government shall, from time to time determine. (2) Every debenture issued under this Act shall be transferable by endorsement. (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.