Section 116. Appointment and powers of trustee.

(l) The Registrar or such other person as the Government may, appoint, in this behalf shall be the trustee for the purpose of securing the fulfillment of the obligation of the Housefed to the holders of debentures issued by the Board. (2) The trustee shall be corporation sole by the name of the trustee and shall have perpetual succession and a common seal and in this corporate name may sue and be sued. (3) The powers and functions of the trustee shall be governed by the instrument executed between the Housefed, and the trustee. The form of such instrument or any modification which the parties thereto may mutually agree to make in any of its terms after its execution, shall be subject to the previous approval of the Government.