(1) The Registrar, or where the State Government appoint any other person in this behalf, such officer, shall be the Trustee for the purpose of securing the fulfilment of the obligations of the Central Mortgage Bank to the holders of debentures issued by the Board.
1. Subs. by Assam Act No. VIII of 1990.
2. Subs. by Assam Act No. VIII of 1990.
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(2) The powers and functions of the Trustee shall be governed by the provisions of this Act and by the instrument of trust executed between the Central Mortgage Bank and the Trustee as modified from time to time by mutual agreement between the Board and the Trustee.
Trustee to be a Corporation Sole.
4. The Trustee appointed under Section 3 shall be a Corporation Sole by the name of the Trustee for the debentures and as such shall have perpetual succession and a common seal and in his Corporate name shall sue and be sued.
Issue of debentures by the Board.