(1)

Every mortgage authorized to be made under this Chapter [other than a mortgage made under section 109B] [These words and figures were inserted by Bombay 13 of 1933, section 25(a).] shall be by debenture in the form contained in Schedule C or in such other form as the Corporation, with the consent of [the Provincial Government] [The words 'the Provincial Government' were substituted for the word 'Government' by the Adaptation of Indian Laws Order in Council.] shall from time to time determine.

(2)

Every debenture issued under this Act [other than a debenture issued under section 110D] [These words were inserted by Bombay 12 of 1933, Section 25(b).] shall be transferable by endorsement [* * * * * * * * *] [The words and letter 'and such transfers may be in the form of Schedule D, or to the like effect' were deleted and have been deemed always to have been deleted by Bombay 76 of 1948, Section 14.]

(3)

The right to payment of the moneys secured by any of such debentures and to sue in respect thereof shall vest in the holder thereof for the time being, without any preference by reason of some of such debentures being prior in date to others.