Agricultural Co-Operative Societies (Debentures) Act, 1934

Consent of the Minister to the issue of debentures.

5.—(1) Any agricultural co-operative society proposing to issue debentures under this Act may apply, in the prescribed form and manner, to the Minister for his consent to such issue.

(2) An agricultural co-operative society applying to the Minister under this section shall furnish to the Minister all such information and particulars as he may require in relation to the financial position of such society and in relation to the proposed issue of debentures to which such application relates.

(3) The Minister may, at his absolute discretion, either give or refuse to give his consent to a proposed issue of debentures in respect of which an application is made to him under this section.

(4) Every consent given by the Minister under this section to a proposed issue of debentures shall be in writing in the prescribed form and shall state the name of the agricultural co-operative society by whom and the person to whom and the amount and other particulars of the sum of money for securing which such issue of debentures may be made, and every such consent may contain all such conditions, limitations, and restrictions in relation to such issue of debentures as the Minister shall think proper to insert in such consent, and in particular a condition requiring such debentures to be in a particular form.

(5) Every debenture issued under this Act shall contain a statement in the prescribed form that it is issued under this Act, and is so issued with the consent of the Minister and shall state the prescribed particulars of such consent.

(6) Nothing in this Act shall operate to authorise an agricultural co-operative society to make an issue of debentures under this Act otherwise than under and in accordance in all respects with the consent given by the Minister under this section for such issue of debentures.