Amendment status not verified — confirm the current text below against the official source.
Where land is mortgaged to a registered co-operative society , - (a) the mortgagor shall not be entitled without the approval of the co-operative society to transfer or mortgage his equity of redemption or to create a charge upon or lease out such property for a period exceeding three years; (b) if the mortgaged property at any time is wholly, or partially destroyed or the security is rendered insufficient due to fall in value or for any other reason and the mortgagor having been given a reasonable opportunity by the co-operative society of providing for further security sufficient to cover the loan or of repaying the loan with interest or such portion of the loan as may be determined by the supervisory , managing or controlling body and the mortgagor having failed to provide such security or repay such portion of the loan, the whole of the loan or such, uncovered portion shall be deemed to fall due at once and recoverable through a co-operative demand certificate; (c) the mortgaged property, in case of default of payment of mortgage money or any part thereof, may be sold by the co-operative society as prescribed by rules in addition to any other remedy available to it, without the intervention of the court, if a power of sale without the intervention of court, is expressly conferred by the mortgage deed: Provided the co-operative society serves a notice in writing by registered post demanding payment of the �mortgage money with interest, or part thereof, upon the mortgagor or, any person having an interest in or charge upon the mortgaged property or the equity of redemption who has previously notified the co-operative society such interest or charge in writing or any surety, and if default has been made in payment of the loan or part thereof for three months after such service of notice: Provided further that any party aggrieved by an action taken by a registered co-operative society under this section may prefer an appeal to the Registrar within thirty days from the date of v he sale and his decision shall be final: Provided also that all transfer of land under this Act shall be in accordance with the provisions of the Meghalaya Transfer of Land (Regulation) Act, 1971.