Powers of mortgage bank in case the mortgaged property is insufficient

Where any property mortgaged to the Central Mortgage Bank or a primary mortgage bank is rendered insufficient and the mortgagor, having been given a reasonable opportunity by a Board or the Committee of the primary mortgage 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 Board or 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 Board or the Committee, as the case may be, shall be entitled to take action against the mortgagor under section 8 or section 12 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 Central Mortgage Bank or the concerned primary mortgage bank, as the case may be.