Section 49A(3) in The Assam Co-operative Societies Act, 1949
(3)The mortgages executed in favour of and all other assets transferred to a Co-operative Land Development Bank or a Primary Society of which the majority of members are agriculturists, by the members thereof, as security for repayment of loan, before or after commencement of this Act shall, with effect from the date of such execution or transfer be deemed to have been executed or transferred by such society in favour of or to the financing bank.
