Power of Housing Society regarding mortgages transferred to Housefed.

Notwithstanding the fact that mortgage has been transferred or deemed to have been transferred under section 136 by a Housing Society to the HOUSEFED :—

1. (a) all money due under the mortgage shall, in the absence of any specified direction to the contrary issued by the Board or Trustee and communicated to the mortgagor, be payable to the Housing Society ; and
2. (b) the Housing Society shall, in the absence of any specific direction to the contrary issued by the Board or trustee and communicated to the Housing Society, be entitled to sue on the mortgage or take any other proceeding for the recovery of the moneys due under the mortgage