Vesting of property in Trustee and debenture holders charge on the assets

Upon the issue of debentures under section 138 the benefit under the State Government guarantee and the mortgaged properties and other assets referred to in sub-section (3) of the said section and held by the Bank, shall vest in the Trustee and the holders of the debentures shall be entitled to the benefit of the guarantee of the State Government and shall also have a floating charge on all such mortgage and assets and amounts paid under such guarantee or mortgages and remaining in the hand of the Uttarakhand State co-operative bank or of the Trustee.