State Act

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 14[including the properties covered by the instruments,] referred to in sub-section (3) of that section held by the 15[State Co-operative Agriculture and Rural Multipurpose Development Bank], shall vest in the Trustee, and the holder of debentures shall have a floating charge on all such 1[mortgages, instruments and assets], and on the amount paid under such mortgages, 2[and such instruments] and remaining in the hands of the 3[State Co-operative Agriculture and Rural Multipurpose Development Bank] or of the Trustee.