Section 116 in The Manipur Co-operative Societies Act, 1976
116. Vesting of property in trustee and debentures holders' charge on assets.
- Upon the issue of the debentures under the provisions of Section 114, the properties and other assets referred to in sub-section (3) of that section held by the State Land Development Bank, shall vest in the Trustee, and the holders of debentures shall have a floating charge on all such mortgages and assets, and on the amount paid under such mortgages, and remaining in the hands of the State Land Development Bank or of the Trustee.
