Amendment status not verified — confirm the current text below against the official source.
Power of Pnmary Bank to recewe mont;y and grant valid dischwrges.-Notw1thstandmg that a Gehan created or mortgage or hypoth~cat10n executed m favour of a pnmary bank has been transferred, or 1s deemed under the proV1s10ns of sectiOn 13, to have been transferred, to the Agricultural Development Bank- (a) all moneys due under the Gehan or rnurtgages ot hypothecatiOn shall, m the absence of any specific dmxtJon to the contrary issued by the Board or the Trustee and commumcated to the person who created the Gehan or executed the murtgage or > hypothecation, be payable to the pnmary bank and such payment · 4 sliall be as valid as If the Gehan or mortgage or hypothecation had not been so transferred; and - J .- . (b) the pr1mary bank shall, m the absence vf any specific direction to the contrary issued by the Board or the Trustee and communicated to the primary bank, be entitled to sue on the Gehan , or mortgage or hypothecatiOn or take any other proceedings for the recovery of the moneys due under the Gehan or mortgage, or hypothecation. I '