Section 70 in Haryana Co-operative Societies Act, 1984
70. Insufficient security.
- Where any property mortgaged and charged in favour of a co-operative society is wholly or partially destroyed, or for any reason the security is rendered insufficient and the loanee, having been given a reasonable opportunity by the society to provide further security in order to make the deficiency good or to repay such portion of the loan as may be determined by the society, has failed to provide such security or repay such portion of the loan, the loan shall be deemed to have fallen due at once and the society shall be entitled to take action against the loanee for the recovery thereof.Explanation. - Security shall not be deemed to be insufficient within the meaning of this section unless the value of the property mortgaged or charged including improvements made thereon exceeds the amount for the time being, due on the mortgagee or charge by such proportion as may be prescribed in the rules or regulations or bye-laws of the borrowing society.
