Section 7 in The U.P. Sahkari Gram Vikas Banks Act, 1964
7. [ Vesting of property in Trustee and Debenture-holders charge on the assets. [Substituted by U.P. Act No. 27 of 1978.]
- Upon the issue of debentures under Section 6, the benefit under the State Government guarantee and the mortgaged properties and other assets referred to in sub-section (3) of the said section and held by the Board, shall vest in the Trustee and the holders of the debentures shall be entitled to the benefit of the guarantee of the State Government and shall also have a floating charge on all such mortgages and assets and amounts paid under such guarantee or mortgages and remaining in the hands of the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act No.27 of 1978.] ].
