(1)  A mortgagee shall not exercise the power of sale conferred by this Act unless and until notice of his intention to sell the mortgaged property, in consequence of default having been made in payment of the mortgage money, or part thereof, or of any interest due thereon, as the case may be, has been served on the mortgagor, or one of several mortgagors, or has been published in one or more newspapers in Tasmania at least one month before the date of such intended sale.

(2)  The notice required by this section may be a notice of a general intention to exercise the power of sale conferred on a mortgagee by this Act.

(3)  At any time subsequent to the termination of one month after such notice has been served on the mortgagor or one of several mortgagors, or has been published as provided by this section, and without any further notice of intention to sell in respect of the same default, the mortgagee may exercise the power of sale conferred by this Act.

(4)  Any mortgagor, by writing under his hand, may waive notice either in any particular case or generally, and may accept less than one month's notice.