Power of sale when to be exercised.

(1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (Central Act IV of 1882), where a power of sale without the intervention of the court is expressly conferred on the Agriculture and Rural Development Bank by the mortgage deed, the board of such Bank or any person authorized by such board in this behalf shall, in case of default of payment of the 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 the court. (2) No such power shall be exercised unless and until,— (a) the Board has previously authorized the exercise of the power conferred by sub-section (1), after hearing the objections, if any, of the mortgagor; (b) notice in writing requiring payment of such mortgage money or part 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; (iii) any surety for the payment of the mortgage debt or any part thereof; and (iv) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property; and (c) default has been made in payment of such mortgage money or part thereof for three months after such service. (3) Notwithstanding anything contained in any law for the time being in force, it shall be lawful for an Agriculture and Rural Development Bank or the State Agriculture and Rural Development Bank to purchase any mortgaged property sold under this Chapter.