Guarantee by State Government

Finance199963 sections

Statutory text

(1) The principal of, and the interest on, debentures issued under section 5 or bonds issued or loans raised under section 6, to such maximum amount as may be fixed by the State Government from time-to-time and subject to such conditions as it may deem fit to impose, shall carry the guarantee of the State Government.
(2) The State Government may, after consulting the State Development Bank and the Trustee, by notification, in the Official Gazette and by notice published for not less than fourteen days in such of the principal newspapers, in and outside the State as it may select, discontinue the guarantee given under sub-section (1), or restrict the maximum amount thereof, or modify the conditions subject to which it is given with effect from a date specified in such notification or notice not being earlier than six calendar months from the date of the first publication of the notification in the Gazette.

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