Section 4
Issue of debentures by the Board.-(1) (a) W·th the previous sanctiOn of the Tru:.tee, the Board may issue debentures of one or more denommat10ns for such per1od as 1t may deem expedient on the security oi the mortgages taken by the Central Mortgage Bank and 1ts other assets and mortgages transferred or deemed under the prov1s1ons of section 23 to have been transferred by the primary mortgage banks to tne Central Mortgage Bank.
4. Issue of debentures by the Board.-(1) (a) W·th the previous sanctiOn of the Tru:.tee, the Board may issue debentures of one or more denommat10ns for such per1od as 1t may deem expedient on the security oi the mortgages taken by the Central Mortgage Bank and 1ts other assets and mortgages transferred or deemed under the prov1s1ons of section 23 to have been transferred by the primary mortgage banks to tne Central Mortgage Bank.
(b) Such debentures may contam a term fixing a period not exceedmg twenty years from the date of issue durmg wh1ch they shall be irredeemable or re,erving to the Board the to call m, at any time, any of the debentures m advancP of the date fixed for redemption after g1v10g to the debenture-holder concerned not less than three montns' notice in wr1ting.
(2) The total amount due on the debentures issued by the Board and outstandmg, at ar.y time, shall not exceed the aggregate of thP. amounts due on the mortgages and other assets rPferred tom clause <a) of sub-secLIO!l (1) and the amounts pa1d thereunder and remainms m the hands of the Board or of the Trustee at such t1me.