Application for sale and manner of sale

(1) In exercise of the powers of sale conferred by section 104, the committee of the Land Development Bank or any person duly authorised by such committee may apply to the sale officer appointed in that behalf to sell the mortgaged property or any part thereof and such officer shall, after giving notice in writing to all the persons referred to in section 104, sell such property in the manner prescribed.

(2) The sale shall be by public auction and shall be held in the village where the mortgaged property is situated or at the nearest place of public resort if the sale officer is of opinion that the property is likely to sell to better advantage there.