Section 87A(1) in The Orissa Co-operative Societies Act, 1962
(1)Notwithstanding anything contained in this Act or in the relative mortgage bonds, the mortgages executed in favour of the [State Co-operative Agricultural and Rural Development Bank] by the individual members thereof shall be deemed to be mortgages executed in favour of the [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] operating in the area wherein the mortgaged properties are situate and the said members shall be deemed to be members and debtors of such [Cooperative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] with effect from the date on which the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] transfers the amounts due thereon, and the shares held by the members to the [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] concerned.
