THE JAMMU AND KASHMIR MUNICIPAL CORPORATION ACT, 2000
Section 146. Form and effect of debentures
All debentures issued under this Chapter shall be in such form as the Corporation may, with the previous sanction of the Government, determine and shall be transferable in such manner as shall be expressed therein, and the right to sue in respect of the money secured by any of such debentures shall vest in the holders thereof for the time being without any preference by reason of some of such debentures being prior in date to others.
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