Power of primary land development bank in case the mortgaged property is wholly or partially destroyed or the security is rendered insufficient

24. Where any property mortgaged to a primary land development bank is wholly or partially destroyed or the security is rendered insufficient and in case the mortgagor, having been given a reasonable opportunity by the committee of the primary land development 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 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 committee shall be entitled to take action against the mortgagor under section 9 or section 13 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 by-laws of the primary land development bank.