GOVERNMENT OF ANDHRAPRADESH

ABSTRACT

Andhra Pradesh StateCooperative Bank Limited., (L.T.Credit) Floatation of debenture proposals –Authorisation to Registrar of Coop. Societies, Andhra Pradesh, Hyderabad – Permissionfor floatation of debentures to the extent of budget provision – Orders Issued.

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AGRICULTUREAND COOPERATION (COOP.VI) DEPARTMENT

G.O.Ms.No.228                                                                                     Dated : 14.09.2000

Read the following :-

                 1.  From the Managing Director, A.P.State Coop. Bank Ltd., Hyderabad,Lr.No.147/Fin.III/98-99 dated 22.04.1999.

                 2.  From Registrar of CooperativeSocieties, Andhra Pradesh Hyderabad,Lr.No.19821/99-C8, dated 19.02.2000.

                                                             ** *

ORDER :

                 Where the Managing Director, A.P. State Coop. Bank Ltd., Hyderabad in the reference1^st read above stated that the procedure being followed in processing ofdebenture proposals of the  Bank is found tobe time consuming.

2.               Inview of the above and with a view to simplify the procedure, the Managing Director, A.P.State Coop. Bank Ltd., Hyderabad has sent proposals to accord permission to the extent ofbudgetary provision and authorise the  Registrarof Coop. Societies for approving debenture proposals as and when submitted by the Bank. 

3.                 Whereas the registrar of Coop. Societies, Andhra Pradesh, Hyderabad in thereference 2^nd read above has recommended the above proposals of ManagingDirector, A.P. State Coop. Bank Ltd., and requested the Government to issue necessaryorders.

4.                 Government have examined the proposals of the Managing Director, A.P. State Coop.Societies, Andhra Pradesh, Hyderabad to permit the A.P. State Coop. Bank for floatation ofdebentures to the extent of budget provision made available for this purpose subject tothe following conditions :

 i)    Value of debentures already issued bythe A.P. State Coop. Bank Ltd., Hyderabad and the value of debentures to be issued puttogether shall not exceed the maximum Government guarantee limit.

ii) Theoutstanding Government Loan should first be liquidated and balance available should beutilised for the Bank purpose.

iii) TheRegistrar of Coop. Societies is requested to furnish the Government and the AccountantGeneral, Andhra Pradesh , Hyderabad as and when debentures in which the State Governmentshare of contribution is invested.

iv) TheRegistrar of Coop. Societies as Trustee is requested to issue permission under Sec.88 ofthe APCS Act 1964 in turn to the A.P. State coop. Bank Ltd., and regulate the floatationof debentures by the said bank to the extent of budget provision.

v) Theamount due to Government towards Principal and interest may be paid by way of adjustment.

5.               Thisorder issues with the concurrence of the Finance and Planning (FW) Department vide theirU.O.No. 11767-B/123/A2/EBS.XIII/2000 dt.05.09.2000.

(BYORDER AND IN THE NAME OF THE GOVERNOR OF ANDHRA PRADESH)

S. BHALE RAO,

PRINCIPAL SECRETARY TO GOVERNMENT.

To

The Registrar of Coop. Societies, AndhraPradesh, Hyderabad.