Section 22 in Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979
22. Powers of the Agriculture and Rural Development Bank in case security property is destroyed or becomes insufficient.
- Where any property which is subject to a gehan or mortgage or hypothecation in favour of the Agriculture and Rural Development Bank is wholly or partially destroyed for any reason the security is rendered insufficient and the person who created the gehan or executed the mortgage or hypothecation having been given a a reasonable opportunity by the Board or the Committee of the Agriculture and Rural Development Bank, as the case may be, to provide further security enough to render the whole security sufficient, or to repay such portion of loan as may be determined by the Bank, 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 person who created the gehan or executed the mortgage or hypothecation under this Act.Explanation. - Security shall be deemed insufficient within the meaning of this section, unless the value of the property (including improvements made thereon) exceeds the amount for the time being due to the Agriculture and Rural Development Bank by such proportion as may be specified in the regulations made by the Board.]
