Section 92 in The Orissa Co-operative Societies Act, 1962
92. Powers of [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.] where mortgaged property is destroyed or security becomes insufficient.
- Where any property mortgaged to the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.] or [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.] is wholly or partially destroyed or the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity by the Board or the Committee of such bank, as the case may be, for providing further security to render the whole security sufficient or of repaying such portion of the loan as may be determined by the Board or the Committee, has failed to 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 Board or the Committee, as the case may be, shall be entitled to take action against the mortgagor under Section 90 or 91 for the recovery thereof.Explanation - A security is insufficient within the meaning of this section unless the value of the mortgaged property exceeds the amount for the time being due on the mortgage by such proportion as may be specified in the Bye-Laws of the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.] or the [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.], as the case may be.
