Section 67 in Haryana Co-operative Societies Act, 1984
67. Appointment of trustee.
(1)Where the funds are raised by floating of debentures or issue of bonds, the Registrar shall be the trustee for the purposes of securing the fulfilment of the obligation of the borrowing society.(2)The mortgages, charges and other assets transferred to the borrowing society shall vest in the trustee from the date of transfer.(3)The holders of the debentures or bonds shall have a first charge on all such mortgages, charges and assets and on the amount paid under such mortgages of charges and remaining in the hands of the society issuing dentures or of the trustee and on their other properties.(4)The powers and functions of the trustee shall be governed by the instrument of trust executed between the borrowing society and the trustee which may be modified, from time to time, by mutual agreement between them.
