(1) The institution shall write to the concerned Land Revenue Office for the registration or transmission of the property held as security in the name of the person, if any, who takes over it at the auction sale made pursuant to Section 11 or in the name of the institution if the institution takes it over because no one has taken it over, in accordance with the prevailing laws.
(2) If a request is made by the institution pursuant to Sub- section (1), the concerned Land Revenue Office shall effect registration or transmission.