Vesting of property in Trustee and debenture Holders’ charge on assets

Upon the issue of debentures under the provisions of section 88, the mortgage properties and other assets referred to in sub-section (3) of that section held by the Central Land Development Bank, shall vest in the Trustee, and the holders of debentures shall have a floating charge on all such mortgages and assets, and on the amount paid under such mortgages, and remaining in the hands of the Central Land Development Bank or of the Trustee.