Amendment status not verified — confirm the current text below against the official source.
Subs. by section 4 (d) ibid. [The Uttar Pradesh Sahakari Gram Vikas Bank Act, 1964] [Section 17] (2) No such power shall be exercised unless- (a) a notice in writing requiring payment of such mortgage money or part has been served upon- (i) the mortgagor or each of the mortgagors; (ii) any person' who has to the knowledge of the bank any interest in or charge upon the property mortgaged or right to redeem the same; (iii) any surety for the payment of the mortgage debt or any part thereof; and (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 ; (b) default in-payment of such mortgage money or part thereof continued beyond three months after such service; and (c) the Board has, after hearing the objections, if any, of the mortgagor or any other person mentioned in clause (a), authorized the exercise of such power. (3) A sale under this section shall be conducted in such manner, as may be prescribed. [(4) Where any property sold under this Act is in the occupancy of any person creating mortgage or charge, or of some person on his behalf, or of some person claiming title subsequent to the creation of such mortgage or charge in favour of a [Gram Vikas Bank]4 or the [Uttar Pradesh Gram Vikas Bank]3, the Collector, shall, on the application of the purchaser, order delivery to be made by putting such purchaser, or any person appointed by him in this behalf, in possession of the property.]1 [(5) A sale under this section of an agricultural holding or any other immovable property or of any interest therein shall be subject to the provisions of sections 157-A and 157-B of the Uttar Pradesh Zamindary Abolition and Land Reforms Act, 1950.]2 Power of Land Development Bank where mortgaged property is destroyed or security becomes in sufficient