Amendment status not verified — confirm the current text below against the official source.
Appointment of Trustee and his powers and functwns.- (1) The Reg1sLrar, or where the Government appoint any other person m this behalf, such person, shall oe the Tru~t~e for the pur- pose of securing the fulfilment of the obhgat10ns of the Central Mortgage Bank to the holders of de bent tr~s 1ssued by thP. Board. The mortg<4ges executed m favour of the Central Mortgage Bank 5 and other mortgages and assets transferrE-d or deemed under the prOVIsions of &ection 23 to have been tran:.ferred to the Central Mortgage Bank shall vest in the Trustee from the date of exer:u- tion or transfer. The holders of the debentures shall have a floating charge on all suc-h mortgagee; and assets, on the amounts paid under such mortgages and remammg in the hand3 of the B0ard or the Trustee and on the other properties of the Central Mortgage Bank. The lJowers and functions of the Trustee shall be governed by the instrument of trust executed between the Bank and the Trustee as modified from time to time by mutual agreement between the Board and the Trustee. (2) The Trustee appointed under sub-section (1) shall be a corporation sole lly the name of the Trustee for the debentures and as such shall have perpetual succession and a common seal and in his corporate name shall sue and be sued.