Guarantee by the State Government of principal and interest on debentures

Guarantee by the State Government of principal and interest on debentures.-

1. (1) The State Government may, if in their opinion it is necessary in the public interest so to do, and subject to such terms and conditions as the State Government may think fit to impose, guarantee the principal of and interest on the debentures issued by the Board, including debentures, if any, issued prior to the commencement of Bihar Cooperative Societies (Amendment) Ordinance, 1975 subject to such maximum amount as may be fixed by the State Government.
2. (2) The State Government may, subject to the provisions of any Act in that regard, increase the maximum amount of any guarantee given under sub-section (1).