Amendment status not verified — confirm the current text below against the official source.
(1) The Registrar, or where the Government appoint any other person in this behalf, such person, shall be the Trustee for the purpose of securing the fulfilment of the obligations of the Central Mortgage Bank to the holders of debentures issued by the Board. The mortgages executed in favour of the Central Mortgage Bank and other mortgages and assets transferred or deemed under the provisions of section 23 to have been transferred to the Central Mortgage Bank shall vest in the Trustee from the date of execution or transfer. The holders of the debentures shall have a floating charge on all such mortgages and assets, on the amounts paid under such mortgages and remaining in the hands of the Board or the Trustee and on the other properties of the Central Mortgage Bank. The powers 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 by 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.