Gehan, mortgages or hypothecation executed in favour and other assets of the Primary Agriculture and Rural Development Banks to stand transferred to State Bank

A Gehan created, mortgages or hypothecation executed or deemed to have been created or executed in favour of and all other assets transferred or deemed to have been transferred to, Primary Agriculture and Rural Development Bank by the members thereof, shall with effect from the date of such creation, execution or transfer, be deemed to have been transferred by such Primary Agriculture and Rural Development Bank to the State Bank.