Section 44 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
44. For furnishing of additional security.
- If for any reason the Bank is of opinion that the security originally furnished for the loan borrowed from it, has becomes inadequate or has deteriorated or depreciated or is about to become inadequate or deteriorated or deprecated, it shall be competent for Bank to call upon the debtor or individual borrowing member by a notice in writing to furnish additional security to its satisfaction during he period specified in the notice. Failure to comply with the requirement of notice shall entitle the Bank to recover the loan concerned at once notwithstanding the original terms on which the loan was advanced.Any sum outstanding against the (deleted) individual borrowing member who has been removed from membership or who otherwise ceases to be a member of the Bank shall become immediately repayable irrespective of any condition on which the loan was granted.
