(1) Notwithstanding anything contained in any law for the time being in force, it shall be lawful for a Mortgage Bank or the Central Mortgage Bank to purchase any mortgaged property sold under this Act and the property so purchased shall be disposed of by such Bank by sale within such period as may be fixed by the Trustee.
(2) Nothing in the Assam Fixation of Ceiling on Land Holdings Act, 1956 fixing a maximum limit of agricultural holding shall apply to the acquisition of land by a Mortgage Bank or the Central Mortgage Bank under sub-section (1).
Assam Act I of 1957.
1. Ins. by Assam Act No. XXIV of 1964.
12 Mortgages executed in favour of Mortgage Bank to stand vested in Central Mortgage Bank.
21. The mortgages executed in favour of, and all other assets transferred to a Mortgage Bank by the members thereof shall, with effect from the date of such execution or transfer (including those mortgaged to a Mortgage Bank before commencement of this Act) be deemed to have been transferred by such Mortgage Banks to the Central Mortgage Bank and shall stand vested in the Trustee.
Powers of the Mortgage Bank where property is destroyed or security becomes insufficient.
22. Where any property mortgaged to 1 [the Central Mortgage Bank or] a Mortgage Bank is wholly or partially destroyed or the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity by 2 [the Board or] the Committee 3 [***] of providing further security enough to render the whole security sufficient of repaying such portion of the loan as may be determined by 4 [the Board or] the Committee, has failed to provide such security or to repay such portion of the loan, the whole of the loan shall be deemed to fall due at once and the Committee shall be entitled to take action against the mortgagor under Section 8 or Section 11 for the recovery thereof.
Explanation.- A security is insufficient within the meaning of this Section unless the value of the mortgaged property exceeds the amount for the time being due on the mortgage by such proportion as may be specified in the bye-laws of the 5 [Central Mortgage Bank or the] Mortgage Bank.
Power of Board or of Trustee to distrain and sale of property, etc.