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 fulfilling the obligations of the [Agricultural and Rural Development Bank] to the holders of debentures issued by the Board and for the purpose of section 13. (2) The Gehan created and mortgages and hypothecation executed in favour of the [Agricultural and Rural Development Bank] and other Gehan, mortgages, and assets 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 creation, execution or transfer. (3) The holders of the debentures shall have floating charge on all such Gehan, mortgages, hypothecation and assets, on the amounts paid under such Gehan, mortgages, hypothecation and remaining in the hands of the Board or of the Trustee and on the other properties of the Agricultural Development Bank. (4) The powers and functions of the Trustee shall be governed by the 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 succession and a common seal and in his corporate name shall sue and be sued. Substituted by Act 19 of 1990 for "Agricultural Development Bank". Substituted by Act 19 of 1990 for "Agricultural Development Bank"