(1) Where a co-operative land development bank or a primary co-operative housing society or a primary co-operative credit society advances money on a mortgage, hypothecation., Gehan or any other charge out of the funds borrowed, wholly or in part, from the central co-operative land development bank or the apex housing society or a financing bank, as the case may be, such mortgage, hypothecation, Gehan or any other charge shall be deemed, with effect from the date of execution thereof, to have been transferred by the co-operative land development bank or the primary co-operative housing society or the primary co-operative credit society to the central co-operative land development bank or the apex housing society or the financing bank, as the case may be, and such mortgage, hypothecation, Gehan or any other charge which shall be deemed to have been transferred to the central co-operative land development bank shall be deemed to have been assigned to the Trustee.
(2) Notwithstanding the transfer and assignment of a mortgage, hypothecation, Gehan or any other charge as aforesaid,—
(a) all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Registrar or a Trustee in accordance with the rules and communicated to the mortgagor or any person liable under a hypothcation or a Gehan or any other charge, be payable to the cooperative land development bank, the primary co-operative housing society or the primary co-operative credit society, as the case may be, and such payment shall be valid as if the mortgage had not been so transferred and assigned; and 378 The West Bengal Co-operative Societies Act, 1983.
XLV of 1983.]
(Chapter XIII.—Special provisions for co-operative land development bank, central co-operative bank, primary co-operative credit society and apex housing society.—Sections 121-123.)
(b) the co-operative land development bank, the primary cooperative housing society or the primary co-operative credit society, as the case may be, shall, in the absence of any such direction communicated to it, be entitled to sue on the mortgage or to take any other proceeding for the recovery of moneys due under the mortgage, hypothecation, Gehan or any other charge.