Section 7 in Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979
7. Debenture holders to have first charge on [gehan, mortgages, hypothecations] [Substituted for the words 'mortgages' vide Act No 16 of 1987 w.e.f. 16-11-87.], etc.
- The holders of the debentures shall have a floating charge on,-(i)all such [gehan, mortgages, hypothecations] [Substituted for the words 'mortgages' vide Act No 16 of 1987 w.e.f. 16-11-87.] and assets;(ii)the amount paid under such [gehan, mortgages, hypothecations] [Substituted for the words 'mortgages' vide Act No 16 of 1987 w.e.f. 16-11-87.] and remaining in the hands of the State Bank or of the trustee and(iii)the other properties of the State Bank.
