Power of sale when to be exercised

(1) Notwithstanding anything in the Transfer of Properly Act 1882, the committee of the Financing Bank or any person authorised by the Primary Agricultural Co-operative Society in this behalf shall, in case of default of payment of mortgage money due, have power, in addition to any other remedy available to the bank, to bring the mortgaged property to rate without the intervention of the court. (2) No such power shall be exercised unless and until,— (a) the Board has previously authorised the exercise of the power conferred by sub-section (1) after considering the representations, if any, of the mortgagor; (b) registered notice 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 due for three months after such service.