Powers of Agricultural Development Bank where mortgaged property is destroyed or security becomes insufficient

Where any property mortgaged to an Agricultural Development Bank is wholly or partially destroyed or the security is rendered insufficient and the mortgagor, having been given an opportunity by the committee of the Agricultural Development Bank, of providing further security enough to make the whole security sufficient or of repaying such destroyed 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 103 or section 104 for the recovery thereof. Explanation.— For the purpose of this section, security is deemed to be insufficient 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 Agricultural Development Bank.