Form, sanction and payment of debentures

(1) All debentures issued under this Chapter shall be in such form as the Council, with the previous sanction of the Government may determine and shall be transferable in such manner as shall be therein expressed and the right to sue in respect of the monies secured by any of such debentures shall vest in the holders thereof for the time being without any preference by reason of such debentures being prior in date to others. (2) The payment of debenture or security and the receipt for interest or dividend shall be in such manner as may be prescribed.