Section 69. Appointment, powers and functions of trustee

(1) The Registrar, or any other person appointed by the State Government in this behalf, shall be Trustee for the purpose of securing the fulfilment of the obligations of the State Land Development Banks to the holders of debentures issued by it. (2) The Trustee shall be a corporation sole by the name of the Trustee for the debentures in respect of which he is appointed, and shall have perpetual succession and a common seal, and in his corporate name may sue and be sued. (3) The powers and functions of the Trustee shall be governed by the provisions of this Act and the instrument of trust executed between the State Land Development Bank and the Trustee as modified from time to time by mutual agreement between them.