GCSA 121 — Vesting of property in trustee and debenture holders charge on assets.

Gujarat Co-operative Societies Act, 1961

Statutory text

Upon the issue of debentures under the provisions of section 119, the mortgaged properties and other assets referred to in sub-section (30 of section 119 held by the [State Land Development Bank] shall vest in the Trustee; and the holders of debentures shall have a floating charge on all such mortgages and assets, and on the amount, paid under such mortgages and remaining in the hands of the [State Land Development Bank] or of the Trustee.

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