Amendment status not verified — confirm the current text below against the official source.
Mortgages executed in favour of Land Development Bank to stand vested in Trustee.--The mortgages executed in favour of and all other assets transferred to the State Co- operative Land Development Bank by its members, either before or after the commencemnt of the Bihar Co-operative Societies (Amendment) Ordinance, 1975 shall vest in the Trustee with effect from the date of such execution or transfer and likewise mortgages or transfer of assets in favour of Primary Co-operative Land Development Bank by its members shall be deemed to have been transferred to the State Co-operative Land Development Bank and shall vest in the Trustee. Comments and case-law [The Registrar of Co-operative Societies is empowered under section 44AJ to rescind or cancel the Resolution of the Board of Directors within four weeks from the date of receipt of the copy of Resolution. However, any order passed by the Registrar after expiry of period of four week in pursuance to directions of the High Court cannot be held to be illegal or without jurisdiction. Ajay Kumar Mishra vs. Registrar, 1995 (2) PLJR 397. Reservation of seats for Scheduled Castes / Scheduled Tribes and others cannot be in addition to total strength of Board of Directors provided under law .H.L. Roche vs. Citizen Co-operative Bank Ltd. AIR 1996 Born 126.]