Section 115 in The Tamil Nadu Co-Operative Societies Act, 1983
115. Appointment of Trustee, his powers and functions.
- The Registrar or such other person appointed by the Government in this behalf, shall be the Trustee for the purpose of securing the fulfilment of the obligations of the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act SO of 1999) which came into force on the 15th December 1999.] Development Bank to the holders of debentures issued under section 116 by the board of that bank. The mortgages and other assets transferred or deemed under the provisions of section 121 to have been transferred by the Primary [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank to the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank shall vest in the Trustee from the date of such transfer. The holders of the debentures issued under sub-section (1) of section 116 shall have a floating charge on all such mortgages and assets, on the amount paid under such mortgages and remaining in the hands of the board of the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank or of the Trustee and on the other properties of the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank. The powers and functions of the Trustee shall be governed by the provisions of this Chapter and the instrument of trust executed between the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank and the Trustee, as modified, from time to time, by mutual agreement between the board of the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank and the Trustee.
