Amendment status not verified — confirm the current text below against the official source.
Transfer of mortgages, charges and assets:- Where a society borrows from another society for making advances to its members against mortgages or charges or transfer of its assets by such members, such mortgages or charges and assets shall be deemed to have transferred to the later society from the date of creation of the mortgages or charges or the date of transfer of assets, as the case may be.