Amendment status not verified — confirm the current text below against the official source.
Power of sale when to be exercised.—(1) Notwithstanding anything contained in the Transfer of Property Act, Samvat 1977, and where a power of sale without the intervention of the court is expressly conferred on the Agriculture and Rural Development Bank by the mortgage deed and the committee of such Bank or any person authorised by such committee in this behalf shall, in case of default of payment of the mortgage money or any part thereof, have power, in addition to any other remedy available to the Bank, to bring the mortgaged property to sale without the intervention of the Court. (2) No such power shall be exercised unless and until— (a) the Board has previously authorised the exercise of the power conferred by sub-section (1) after hearing the objections, if any, of the mortgagor ; (b) notice in writing requiring payment of such mortgage money or part thereof has been served upon— (i) the mortgagor ; (ii) any person who has any interest in or charge upon the property mortgaged or in or upon the right to redeem the same ; (iii) any surety for the payment of mortgage debt or any part thereof ; and 108 CO-OPERATIVE SOCITIES ACT, 1989. (iv) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property ; (c) default has been made in payment of such mortgage money or part thereof for thirty days after such service.