Section 7 in The M.P. Shakari Krishi Aur Gramin Vikas Bank Adhiniyam 1999
7. Appointment and Powers of Trustee.
(1)The Registrar shall be the Trustee for the purpose of securing fulfilment of the obligations of the State Development Bank to its debenture-holders and for fulfilment of the obligations relating to the funds raised under Section 6 as also for the purpose of Section 20.(2)The Trustee shall be a Corporation sole by the name of the Trustee for the purpose of debentures and as such shall have perpetual succession and a common seal and in his corporate name shall sue and he sued.(3)The powers and functions of the Trustee shall be governed by the instrument of trust executed between the State Development Bank and the Trustee, as modified from time to time by mutual agreement.(4)The securities furnished in favour of the District Development Bank and other securities and assets transferred or deemed to have been transferred under the provisions of Section 20 to the State Development Bank shall vest in the Trustee from the date of such furnishing or transfer.(5)The debenture-holders shall have a floating charge on all such securities and assets, on the amounts paid under such securities and remaining with the State Development Bank or with the Trustee and on the other properties of the State Development Bank.
