Section 21
The mortgages executed in favour of, and all in other assets transferred to a Mortgage Hank by the of members thereof shall, with effect from the date of to such execution or transfer (including those mort aged a Mortgage Bank before commencement of this Central Act) be deemed to have been transferred by such Mortgage Banks to the Central Mortgage Bank ana shall stand vested in the Trustee.
21. The mortgages executed in favour of, and all in other assets transferred to a Mortgage Hank by the of members thereof shall, with effect from the date of to such execution or transfer (including those mort aged a Mortgage Bank before commencement of this Central Act) be deemed to have been transferred by such Mortgage Banks to the Central Mortgage Bank ana shall stand vested in the Trustee.
·
~:~rs o of the 22. Where any property mortgaged to a Mortgage Ban~g~~ere Bank is wholly or partially destroyed or the securit; property is is rendered insufficient and the mortgagor, having destr?yed or been given a reasonable opportunity by the Committee iecurity of the Mortgage Bank, of providing
h d l fur thrr security
I comes
ffii tn·
i M
h Bank, of providing fur thrr sec
d l . .
er the who e secunty sufficie y
I. comes t
sufficienti enoug to ren er the l
who e .
secunty .
sufficient o repaying such portion of the loan as may be deter· mined by the Committee, has failed lo 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 '1nder Section 8 or Section 11 for the recovery thereof.
Explanation.-A security is insufficient within the meaning of this Section unless the value of the mortgaged properly exceeds the amount for the time being due on the mortgage by such proportion as may be specified in the bye-laws of the Mortgage Bank.