Section 120 in The Tripura Co-operative Societies Act, 1974
120. Vesting of property in trustee and debenture holders' charge on assets.
- Upon the issue of the debentures under the provisions of Section 118, the mortgaged properties and other assets referred to in sub-section (3) of Section 118 held by the co-operative land development bank, 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 co-operative land development bank or of the Trustee.
