(1) If any property mortgaged under this Chapter is destroyed wholly or in part or if the security for any loan is found to be insufficient on valuation in the manner provided in the rules or the by-laws, the mortgagor shall be required on the service of a notice on him in the prescribed manner, to furnish such further security, and within such period, as may be specified in the notice.
(2) If the mortgagor fails to furnish such further security within specified period, the entire amount of the loan together with the interest accrued thereon shall fall due at once and the co-operative land development bank or the central co-operative land development bank or the central co-operative bank or the apex housing society shall, subject to the rules, be entitled to take action for recovery thereof under this Chapter.
Explanation.—For the purpose of this section a security shall be deemed to be insufficient 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 speicified in the rules or the by-laws.
Power of cooperative land development bank, etc., if mortgaged property is destroyed or security becomes insufficient.
117. A Trustee and, in the case of a member co-operative society, a central co-operative land development bank may, in accordance with the rules and by order, direct a co-operative land development bank to take action against a defaulter under this Chapter within such period as may be specified in the order. If the co-operative land development bank fails to take such action within the specified period, the Trustee or the central co-operative land development bank, as the case may be, may take such action and the provisions of this Act and the rules or the 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 cooperative land development bank, as the case may be.
118. At any sale of movable or immovable property held under the provisions of this Chapter, no officer of a co-operative land development bank or central co-operative land development bank or central co-operative bank or apex housing society or sale officer or other person having any duty to perform in connection with such sale shall directly or indirectly bid for or acquire or attempt to acquire any interest in such property on his personal account.
Power of Trustee or central cooperative land development bank to direct or to take certain action.
Officers of co-operative land development bank, etc., not to bid on personal account at sales.
377 The West Bengal Co-operative Societies Act, 1983.
Exemption from personal attendance.
Powers to co-operative land development bank, etc., to receive moneys notwithstanding transfer of mortgage deed to central cooperative land development bank, etc.
[West Ben. Act (Chapter XIII.—Special provisions for co-operative land development bank, central co-operative bank, primary co-operative credit society and apex housing society.—Sections 119, 120.)