Amendment status not verified — confirm the current text below against the official source.
Upon the issue of debentures under sub-section (1) of section 44, the assets of a co-operative society (including any mortgage which it holds by acceptance, assignment or transfer) 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 mortgage and remaining in the custody of the Trustee or the co-operative society) and on other properties of the co-operative society. Vesting of assets of co- operative society in the Trustees upon issue of debenture.