(1) Where land is mortgaged to a registered society, the mortgagor shall not be entitled without the approval of the society to transfer or mortgage as equity of redemtion or to create a charge upon or lease out such property during the pendency of the mortgage.
(2) If the mortgaged property is at any time is wholly or partially destroyed or the security rendered becomes insufficient due to fall in value or for any other reason and the mortgagor having been given a reasonable opportunity by the society of providing for further security sufficient to cover the loan or for 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 cooperative demand certificate.
(3) Notwithstanding anything contained in the Transfer of Property Act, Cen&d 1882, the mortgaged property, in case of default of payment of Act Iv mortgage money or any part thereof, may be sold by the society as o f 1882“ prescribed by rules in addition to any other remedy available, without the intervention of court if expressly conferred by the mortgage deed:
Provided that the 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 any interest in or charge upon the mortgaged property or the equity of redemption who has previously notified the society of 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 society under this section may prefer an appeal to the Registrar within thirty days from the date of the sale and. his decision shall be final.
THE ASSAM GAZETTE, EXTRA ORDINARY, FEBRUARY 4, 2012 399 BAR TO CERTAIN CLAIM MOWLISATION OF FUNDS DEPLOYMENT OF FUNDSAND PROFITS DISPOSAL OF SURPLUS
62. All payment and transfer made by a registered society under this Chapter shall be valid and effectual against any demand made upon the society by any other person
CHAPTER - V FINANCE