Section 118 in The Gujarat Co-Operative Societies Act, 1961
118. Appointment, powers and functions of Trustee.
(1)The Registrar or where the State Government appoints any other person in this behalf, such person, shall be the Trustee for the purpose of securing the fulfilment of the obligations of the [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964] to the holder of debentures issued by the [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964].(2)The Trustee shall be a corporation sole, by the name of the Trustee for the debentures in respect of which he is appointed and, as such, shall have perpetual succession and a common seal, and in his corporate name may sue and be sued.(3)The powers and functions of the Trustee shall be governed by the provisions of this Act, and the instrument of trust executed between the [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964] and the Trustee, as modified from time to time by mutual agreement between the [State Land Development Bank] [These words were substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964] and the Trustee.
