Vesting of property in trustee and debenture holders charge on assets

Upon the issue of the debentures under the provisions of section 118, the mortgaged properties and other assets referred to in sub-section (3) of section 118 held by the co-operative 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 co-operative land development bank or of the Trustee.