Vesting of Property in Trustee and Debenture Holder's Charge on Assets

Upon the issue of debentures under the provisions of section 70, the mortgaged properties and other assets referred to in sub-section (3) of that section held by the State Land Development Bank, shall vest in the Trustee, and the holders of debentures shall have a floating charge on all such mortgages and assets, and on the amount paid under such mortgages, and remaining in the hands of the State Land Development Bank or of the Trustee.