Section 116 in The Maharashtra Co-Operative Societies Act, 1960
116. Vesting of property in Trustee and Debenture holders charge on assets.
- Upon the issue of debentures, under the provisions of section 114, the mortgage properties and other assets [including the properties covered by the instruments,] [These words were inserted by Maharashtra 5 of 1990, Section 5(a).] referred to in sub-section (3) of that section held by the [State Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra, 41 of 2005, (w.e.f. 25-8-2005), Section 8.], shall vest in the Trustee, and the holders of debentures shall have a floating charge on all such [mortgages, instruments and assets,] [These words were substituted for the words 'mortgages and assets' by Maharashtra 5 of 1990, Section 5(b).] and on the amount paid under such mortgages, [and such instruments] [These words were inserted by Maharashtra 5 of 1990, Section 5(c).] and remaining in the hands of the [State Co-operative Agriculture and Rural Multi-purpose Development Bank] [These words were substituted for the words 'State Agriculture and Rural Development Bank' by Maharashtra, 41 of 2005, (w.e.f. 25-8-2005), Section 8.] or of the Trustee.
