(1) Where any property mortgaged to an Agriculture and Rural Development Bank is wholly or partially destroyed or the security is rendered insufficient and the mortgagor having been given a reasonable opportunity by the committee of Agriculture and Rural Development Bank of providing further security enough to render the whole security sufficient or of repaying such portion of the loan as may be determined by 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 99 or section 100 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 Agriculture and Rural Development Bank.
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 Agriculture and Rural Development Bank.
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Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · The Registrar.Section 4 · Societies which may be registered.Section 5 · Application for registration of Co-operative Societies.Section 6 · Registration.Section 7 · Registration certificate.Section 8 · Registration with limited or unlimited liability.India Code, Government of India. Text fetched 11 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.