State Act

THE UTTAR PRADESH MUNICIPAL CORPORATION ACT, 1959

159- (1) In respect of any sinking funds which by this Act the [Corporation]1 is directed or authorized to invest in public. securities and in respect of any surplus moneys which by this Act the Mukbya Nagar Adikari on behalf of the [Corporation]1 is empowered to invest in the securities, it shall be lawful for the [Corporation]1 to reserve and set apart for the purpose of any such investment, any debentures issued or to be issued on account of any loan for which the sanction of the State Government shall have been duly obtained : Provided that the intention so to reserve and set apart such debentures shall have been notified to the State Government as a condition of the issue of the loan. (2) The issue of any such debentures direct to and in the name of the Mukhya Nagar Adhikari on behalf of the [Corporation]1 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 [Corporation]1 or the Mukhya Nagar Adhikari of any debenture issued by the [Corporation]1 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.