Notwithstanding that a mortgage or charge created in favour of a co-operative society has been transferred or deemed to have been transferred to another society, 27 under the provisions of section 57,–
(a) all moneys due under the mortgage or charge shall, in the absence of any specific direction to the contrary issued by the other society or the trustee and communicated to the member, be payable to the society which has advanced loan to the member and such payment shall be as valid as if the mortgage and charge had not been so transferred ; and
(b) such society shall, in the absence of any specific direction to the contrary issued by the trustee and communicated to such society, be entitled to sue on the mortgage or charge or take any other proceedings for the recovery of the moneys due under the mortgage or charge.