Amendment status not verified — confirm the current text below against the official source.
Where any property mortgaged to a co-operative land development bank, central co-operative bank or apex housing society, as the case may be, is wholly or partially destroyed or the security is rendered insufficient, and the mortgagor, after reasonable opportunity given by the bank or the society, as the case may be, to provide such further security as will render the whole security sufficient to repay such portion of the loan as may be determined by the bank or the society, as the case may be, has failed so to do, the whole of the loan shall be deemed to fall due at once and the bank or the society, as the case may be, shall, subject to the rules, be entitled to take action against the mortgagor for the recovery thereof under this Chapter. Explanation.—A security shall be deemed to be insufficent within the meaning of this section if the value of the mortgaged property does not exceed the amount for the time being due on the mortgage by such proportion as may be specified in the rules or by-laws. Powers of operative land development bank, central co-operative bank or apex housing society if the mortgaged property is destroyed or the security is rendered insufficient. 115.' (1) A Trustee and, in the case of a member society, a central Power of the co-operative land development bank may, in accordance with the rules, Trustee a centr and al direct a co-operative land development bank to take action against a co-operative l defaulter under section 99, section 101 or section 114 and, if the bank development neglects or fails to do so, may take such action. bank to direct or to take certain action. (2) Where such action is taken by a Trustee or a central co-operative land development bank, the provisions of this Act and of any rules or by-laws shall apply in respect thereto as if all references to the co- operative land development bank were references to the Trustee or the central co-opearative land development bank, as the case may be.