Mortgages executed in favour of Land Development Banks to stand vested in State Land Development Bank -

The mortgages executed in favour of, and all other assets transferred to, a Land Development Bank, by the members thereof, before or after the commencement of this Act, shall with effect from the date of such execution of transfer, be deemed to have been transferred by such Land Development Bank to the State Land Development Bank, and shall vest in the State Land Development Bank.