National Bank for Agriculture and Rural Development Act,1981

Act No : 61

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Section : Amounts and securities to be held in trust.

29. Amounts and securities to be held in trust. (1) Any sums received by a borrowing institution in repayment or realisation of loans and advances refinanced either wholly or partly by the National Bank shall, to the extent of the accommodation granted by the National Bank and remaining outstanding, be deemed to have been received by the borrowing institution in trust for the National Bank, and shall accordingly be paid by paid by such institution to the National Bank, as per the repayment schedule fixed by the National Bank. (2) Where an accommodation has been granted to a borrowing institution, all securities held, or which may be held, by such borrowing institution, on account of any transaction in respect of which such accommodation has been granted by the National Bank, shall be held by such institution in trust for the National Bank.

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