APCOS Act 90अध्याय XIII · [Financing Banks/Primary Agricultural Co-Operative Societies]

धारा 90 · Guarantee by Government of principal of, and interest on, debentures

(1)

The principal of, and interest on, the debentures issued under the Andhra Pradesh (Andhra Area) Co-operative Land Mortgage Banks Act, 1934 and those issued under Sec. 88 shall, in respect of such maximum amount as may be fixed by the Government and subject to such conditions as they may think fit to impose, carry the guarantee of the Government ;

(2)

The Government may, subject to the provisions of any Act in that regard, increase the maximum amount of any guarantee under sub-section (1).

(3)

The Government may, after consulting the Board and the Trustee,-

(a)

by notification in the Andhra Pradesh Gazette ; and

(b)

by notice of not less than fourteen days in such of the important news papers in the State and of other States in India as a Government may select in this behalf,

withdraw any guarantee given by them or restrict the maximum amount thereof or modify the conditions, subject to which it was given with effect from a specified date, not being earlier than six months from the date of the publication of the notification referred to in Clause (a) :Provided that the withdrawal, restriction or modification of any guarantee under this sub-section, shall not in any way affect the guarantee carried by any debentures issued under the Andhra Pradesh (Andhra Area) Co-operative Land Mortgage Banks Act, 1934 or under this Act prior to the date on which such withdrawal, restriction or modification, takes effect.

(4)

Every notification and notice referred to in sub-section (3), shall where the maximum amount of the guarantee is to be restricted, or the conditions subject to which the guarantee was given are to be modified, set forth precisely the scope and effect to the restriction or modification, as the case may be.

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