Section 121 in The Gujarat Co-Operative Societies Act, 1961
121. Vesting of property in trustee and debenture holders charge on assets.
- Upon the issue of debentures under the provisions of Section 119, the mortgaged properties and other assets referred to in sub-section (3) of Section 119 held by the [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964] 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 [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964] or of the Trustee.
