Vesting of mortgaged property in the Trustee and floating charge of debenture holders

Vesting of mortgaged property in the Trustee and floating charge of debenture holders.- Upon the issue of debentures under the provisions of section 44E, the mortgages, properties and other assets, referred to in sub-section

1. (3) of that section, held by the State Cooperative Land Development Bank shall vest in the Trustee and the holders of debentures shall have floating charge on all such mortgages, properties and assets and on the amount paid under such mortgages and remaining in the hands of the State Cooperative Land Development Bank or of the Trustee.