Power of Board or of Trustee to direct distraint and sale of produce and the sale of mortgaged property, etc.

(1) The Board or the Trustee may direct the Committee of a primary mortgage bank to take action against a defaulter under section 8, section 12, or section 24 and if the Committee neglects or fails to do so, the Board or the Trustee may take such action. (2) (a) where such action is taken by the Board, the provisions of this Act and of any rules or regulations made thereunder shall apply in respect thereto as if all references to the primary mortgage bank and to its Committee in the said provisions were references to the Central Mortgage Bank and the Board, respectively. (b) where such action is taken by the Trustee, the provisions of this Act and of any rules or regulations made thereunder shall apply in respect thereto as if all references to the primary mortgage bank or to its Committee in the said provisions were references to the Trustee.