Amendment status not verified — confirm the current text below against the official source.
Upon the issue of debentures under the provisions of sub- Debenture- section (2) of section 34, the assets of the co-opetative society, including charge on any mortgages which it holds by acceptance, assignment or transfer, assets. shall vest in the Trustee, and the holders of debentures shall have a floating charge on all such assets, including the amounts paid under such mortgages and remaining in the hands of the Trustee or the society, and on the properties of the society. 179 The West Bengal Co-operative Societies Act, 1973. [West Ben. Act (Chapter IV.—Duties and obligations of co-operative societies.—Sections 38, 39.) Power of State Government to give financial assistance. Restrictions on lending.