Agriculture and Rural Development Bank.

Mortgages and other instruments executed in favour of an Agriculture and Rural Development Bank to stand vested in State Agriculture and Rural Development Bank.— The mortgages instruments of hypothecation guarantee, pledge or charge executed in favour of, and all other assets transferred to, an Agriculture and Rural Development Bank, by the members thereof, before or after the commencement of the Act, shall, with effect from the date of such execution or transfer, be deemed to have been transferred by such an