Requirement when property mortgaged is destroyed or security is rendered insufficient etc.

If any property mortgaged to a Housing Society or Housefed is wholly or partially destroyed or the security is rendered insufficient and the mortgagor, having been given reasonable opportunity by the Committee or Board or Housefed of providing further security enough to render the security sufficient or of repaying such portion of the loan as may be determined by the Committee or Board, has failed to provide such security or to repay such portion of loan the whole of the loan shall be deemed to fall due at once and the Committee or Board shall be entitled to take action against the mortgagor under sections 123 and 126 for the recovery thereof. Explanation.— A security shall be deemed insufficient within the meaning of this section unless the value of the mortgaged property exceeds the amount for the time being due by such portion as may be specified in the bye-laws of the Housing Society.