Power of Primary Bank to receive money and grant valid discharges

Notwithstanding that a Gehan created or mortgage or hypothecation executed in favour of a primary bank has been transferred, or is deemed under the provisions of section 13, to have been transferred, to the Agricultural Development Bank— (a) all moneys due under the Gehan or mortgages or hypothecation shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the person who created the Gehan or executed the mortgage or hypothecation, be payable to the primary bank and such payment shall be as valid as if the Gehan or mortgage or hypothecation had not been so transferred; and (b) the primary bank shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the primary bank, be entitled to sue on the Gehan or mortgage or hypothecation or take any other proceedings for the recovery of the moneys due under the Gehan or mortgage, or hypothecation.