Transfer of Mortgages

(1) Notwithstanding anything contained in this Act or in the relative mortgage bonds, the mortgages executed in favour of the State Co-operative Agricultural and Rural Development Bank by the individual members thereof shall be deemed to be mortgages executed in favour of the Co-operative Agricultural and Rural Development Bank operating in the area wherein the mortgaged properties are situate and the said members shall be deemed to be members and debtors of such Co-operative Agricultural and Rural Development Bank with effect from the date on which the State Co-operative Agricultural and Rural Development Bank transfers the amounts due thereon and the shares held by the members to the Co-operative Agricultural and Rural Development Bank concerned. (2) Notwithstanding anything contained in this Act or in the relative mortgage bonds, a mortgage executed in favour of a Co-operative Agricultural and Rural Development Bank in respect of properties situate within the area of operation of another Co-operative Agricultural and Rural Development Bank newly or subsequently established shall be deemed to be executed in favour of such other bank and the mortgagor shall be deemed to be a member and debtor of such other bank with effect from the date on which the former bank transfers the amounts due thereon and the shares held by the member to the later bank. (3) All moneys due under a mortgage transferred under this Section shall be payable to the Co-operative Agricultural and Rural Development Bank to which the mortgage is transferred under Sub-Section (1) or Sub-Section (2) and such bank shall be entitled to receive money, to grant valid discharge and to sue on the mortgage or take any other proceedings for the recovery of money due thereunder.