Section 16 in The Punjab Co-operative Land Mortgage Banks Act, 1957
16. Application for sale and manner of sale.
(1)In exercise of the power of sale conferred by section 15, the Board or any person duly authorised by the Board, may apply to the sale officer appointed in that behalf under section 24 to sell the mortgaged property or any part thereof and such officer shall, after giving notice in writing to all the persons referred to in section 15, sell such property in the manner prescribed subject to any previous charge on the basis of a registered deed.(2)The sale shall be by public auction and shall be held in the village where the mortgaged property is situated or at the nearest place of public resort if the sale officer is of opinion that the property is likely to sell to better advantage there.(3)The Registrar may set aside a sale on the application of the mortgagor or any other person interested in the mortgaged property, presented to him within 30 days of the sale, if in his opinion there has been an illegality or material irregularity in conducting the sale.(4)On the sale being set aside by the Registrar under sub-clause (3), a fresh sale shall be conducted in accordance with the provisions of this Chapter.
