Powers of sale when to be exercised

44 U. Powers of sale when to be exercised. –

1. (1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882). Where a power of sale without the intervention of the court is expressly conferred on a Land Development Bank by the mortgage deed, the managing committee of such bank or the Board or any person authorized by such managing committee or the Board in this behalf shall, in case of default of payment of mortgage money or any part thereof, have power, in addition to any other remedy available to the bank, to bring the mortgaged property to sale without the intervention of court.
2. (2) No such power shall be exercise unless and until -
   • (a) the Board has previously authorized the exercise of the power conferred by sub-section
3. (1) after considering the representation, if any, of the mortgagor:
   • (b) the registered notice requiring payment of such mortgage money or part thereof has been served upon-
     • (i) the mortgagor;
     • (ii) any person who has any interest in, or charge upon the property mortgaged or in or upon the right to redeem the same;
     • (i) any surety for the payment of the mortgage debt or any part there of; and
   • (c) default has been made in payment of such mortgage money or part thereof, for there months after service of notice in this behalf,