THE JAMMU AND KASHMIR CO-OPERATIVE SOCIETIES ACT, 1989
Section 117. Vesting property in trustee.
The mortgages and other assets transferred or deemed to have been transferred under section 135 by the Housing Society to Housefed shall vest in the trustee from the date of such transfer and the holders of debentures shall have a floating charge on all such mortgages and assets and on the amounts paid under such mortgages and remaining in the hands of the Board or of the trustee and on the properties of the Housefed.
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