Section 11. Form of debentures.

(1) When money is raised by the Board on debentures the debentures shall be in such form as the Board, with the previous sanction of the 1[2[State] Government], shall from time to time determine. (2) The holder of any debenture in any form duly authorised under this section may obtain in exchange therefor, upon such terms as the Board shall from time to time determine, a debenture in any other form authorised by the Board. (3) Every debenture issued by the Board shall be transferable by endorsement. (4) The right to payment of the moneys secured by any such debentures and to sue in respect thereof shall vest in the respective holders thereof for the time being without any preference by reason of some of such debentures being prior in date to others.