Amendment status not verified — confirm the current text below against the official source.
Appointment and powers and functions of Trustee.-tl) The Registrar or where the Government appoint any other pe~:son in this behalf, such person, shall be the Trustee tor the purpose of fulfilling the obligatiOns of the Agricultural Development Bank to the holders ot debentures issued by the Board and for the purposes of seclion 13. (2) The Gehan created and mortgages and hypothecation executed in favour of the Agricultural Development Bank and other Gchan, mortgages, hypothecation and asset& transferred or deemed to have been transferred under the provisions of section 13 to the Agricultural Development Bank shall vest in the Trustee from the date of such C'reatwn, execution or transfer. (3) The holders of the debentures shall have a floating charge on aU such Gehan, mortgages, hypothecation and assets, on the amounts paid under such .Gehan, mortgages, hypothecation and remai.ning in the hands of the Board or of the TrustE<> and on the other properties of the Agricultural Development Bank. ( 4) The powers and functions of the Trustee shall be governed by !.he instrument of trust executed by the Agricultural Development Bank and the Trustee, as modified from time to time by mutual agreement between the Board and the Trustee. (5) The Trustee shall be a corporation sole by the name of the Trustee for the debentures and as such shall have perpetual succes- sion and a common seal and in his corporate name shall sue and be . ' sued.