(!) When a mortgaged property has been sold under this Chapter, the mortg~gor or any person havmg a right or mterest therein affecteo by the sale, may, at any t1me within thirty days from the date of sale, apply to the Board or tne Committee of the pr1mary mortgage bank concerned, as the case may be, to have the sale set aside on h1s depositing at the office of tne concerned bank- _j 9
(a) for payment to the Central Mortgage Bank or the pr1mary mortgage bank, as the case may be, the amount speci fied in the proclamation of sale togeil1er with subsequent mterest and the cost.s, 1f any, incurred by the bank m bringmg the property to sale ; and
(b) for payment to the purchaser a sum equal to five per cent of the purchase money.
(2) If such deposit is made, the Board or the Committee, as the case may be, may in lts discretion, make an order setting aside the sale.
(3) Where no application is made under sub-sechon (1) or where such applicatiOn is made and disallowed, the Board or the Committee, as the ca&e may be, shall apply to the Re~Istrar or any other officer empowered by the Gowrnment in Lh1s regard to make an order confirming the sale and, on the Registrar or such officer confirming the sale, 1t shall become ab&olute and the property shall be deemed to h:~ve vested m the purchaser from the time when the property 1s sold.