State Act

THE UTTAR PRADESH MUNICIPAL CORPORATION ACT, 1959

162- (1) Debentures issued under this Act shall be in such form as the [Corporation]1 may with the previous sanction of the State Government from time to time determine. (2) The holder of any debenture in any form duly authorized under sub-section (1) may obtain in exchange therefor, upon such terms as the [Corporation]1 shall from time to time determine, a debenture in any other form so authorized. (3) Every debenture issued by the [Corporation]1 under this Act shall be transferable by endorsement. (4) The right to payment of the moneys secured by any of such debentures and to sue in respect thereof shall vest in the holder for the time being without any preference by reason of some of such debentures being prior in date to others.