96.— (1) Subject to this Part, the powers and rights of a mortgagee under sections 97 to 111—

(a) apply to any mortgage created by deed after the commencement of this Chapter,

(b) vest, subject to section 62 of the Act of 1964, as soon as the mortgage is created,

(c) do not become exercisable unless their exercise is for the purpose of protecting the mortgaged property or realising the mortgagee’s security,

(d) in relation to the mortgaged property, apply to any part of it.

(2) A mortgagee’s right of foreclosure is abolished.

(3) The provisions relating to the powers and rights conferred by this Chapter apply to any housing loan mortgage notwithstanding any stipulation to the contrary and notwithstanding any powers and rights expressly conferred under such a mortgage, but in relation to any other mortgage, except where this Part provides to the contrary, take effect subject to the terms of the mortgage.