Amendment status not verified — confirm the current text below against the official source.
Mortgages ezecuted in favour of mortgage bank, etc .. to stand vested in Central. Mortgage Bunk.-The mortgdge5 exe- cuted m favour of, and all other asbets transferred to a prJmary, mortgage bank by the members thereof shall, Wtth effec1 from the dine of such executiOn or transfer, be dt.emed to have been transferred by such pnmary mortgag..: bank lo the l.entt·al Mo1.t· gage Bank. 12 M. Powers of mortgage bank in case the mortgaged pro- perty is i11 suffictenL.-Where any pr• ·pc rty mortgaged to the Central Mortgage Bank or a primary mortgage bank 1s rendered insufficient and the mortgagnr, hav1ng bten g1ven a reasonable opportumty by a Board or the Committee of the primary mort~age bank of providing further security enough to render the whole security sufficient or of repaying such portion of the loan as may be determined by the Board or the Committee, has failed to pro- VIde s1.1ch security or to repay such portion of the loan, the whole of the loan shall be deemed to fall due at once and the Board or the Committee, as the case may be, shall be entitled to take acLwn against the mortgagor under ~ect10n 8 or section 12 for the recovery thereof. Exp1anation.-A security is insufficient within the meaning of this section unless the value of the mortgaged property ex- ceeds the amount for the time bemg due on the mortgage by such proportion as may be specified. m the bye-laws of the Cen- tral Mortgage Bank or the concerned primary mortgage bank, as the ca~e may be.