Section 15(2) in The Punjab Co-operative Land Mortgage Banks Act, 1957
(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 hearing and deciding the objections, if any, of the mortgagor or any other person having any interest in the mortgaged property;(b)notice in writing requiring payment of such mortgage money or part has been served upon -(I)the mortgagor or each of the mortgagors;(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;(c)default has been made in payment of such mortgage money or part for six months after such service; and(d)the Registrar, in case where the amount claimed by the State Bank is disputed, has certified that the amount claimed or lesser amount is due from the mortgagor.
