Issue of bonds

(1) The State Co-operative Bank may, with the prior approval of the Government, and subject to such terms and conditions as the Government may deem fit to impose, borrow money by issue of bonds. (2) The bonds shall be in the form of promissory note and shall not be repayable before the expiry of five years from the date of issue thereof. Provided that the committee may repay the amount due under the bonds at any time before the date so fixed, after issue of notice in such manner as the committee may direct in that behalf to the holders of the bonds.