Maximum limit of debentures

The total amount due on debentures issued by the Board and outstanding at any time shall not exceed,-(a) where debentures are issued against Gehan, mortgages or hypothecation held, the aggregate of,-(i) the amounts due on the Gehan, mortgages or hypothecation;(ii) the value of the properties and other assets transferred under section 38 by the Primary Agriculture and Rural Development Banks to the State Bank and subsisting at such time; and(iii) the amounts paid under the Gehan, mortgages or hypothecation aforesaid and the unsecured amounts remaining in the hands of the State Bank or the trustee;(b) where the debentures are issued otherwise than on Gehan, mortgages or hypothecation held, the total amount as