Amendment status not verified — confirm the current text below against the official source.
Where any property mortgaged to a co-operative land development bank is wholly or partially destroyed, or for any reason the security is rendered insufficient, and the mortgagor, having been given a reasonable opportunity by the bank to provide further security enough to render the whole security sufficient, or to repay such portion of the loan as may be determined by the bank, has failed to provide such security or to repay such portion of the loan, the whole of the loan shall be deemed to have fallen due at once; and the bank shall be entitled to take action against the mortgagor under section 132 or section 133 for the recovery thereof. Explanation, _ Security shall be deemed insufficient within the meaning of this section, unless the value of the mortgaged property (including improvement made thereon) exceeds the amount for the time being due on the mortgage by such proportion as may be specified in the rules, regulations or the bye-laws of the co- operative land development bank. 130, (1) Property purchased under sub-section (3) of section 137 by, and property transferred under section 103 to, the Co-operative Land Development bank may be disposed of by such bank by sale within such period as may be fixed by the Trustee, subject to the condition that such sale be in favour only of agriculturists eligible to hold land under the Tripura Land Revenue and Land Reforms Act, 1960 or any corresponding law for the time being in force, or may be leased out by them on such terms and conditions as may be laid down by the Government from time to time. (2) Nothing contained in any law for the time being in force fixing the maximum limit of agricultural holdings shall apply to the acquisition or holding of land by the co- operative land development bank under this section.