In all cases where the plan involves the revision, modification or termination of mortgage participation trusts and as an incident thereto the transfer of the title to trust assets, the title to and management of such trust assets pending the hearing on such plan and its approval by the court and the commissioner and for such further period as the court may prescribe and subject to such reserve powers as may be granted by the trust agreement to the insurer, or conferred by the court, shall continue in the trustee or depositary under the respective mortgage participation trusts affected. Upon the approval of such plan by the court and the commissioner the trust assets of all such trusts shall be transferred, conveyed, assigned, delivered, or otherwise dealt with, conformably to such plan, as the court may order and direct, upon application of the proposer of such plan.