section 57N
Proceeds of sale how to be applied
The Bihar Cooperative Societies Act, 1935Corporate1935136 sections12 chapters
Chapter VII-A Chapter VII-A
Statutory text
Proceeds of sale how to be applied. –
- (1) From the proceeds of every sale of distrained property under this chapter, the officer holding the shall pay the casts of the distraint and sale, calculated on a scale of charges prescribed by rules to be made, from time, by the state Government in this behalf.
- (2) The remainder shall be applied to the discharge of the amount due for which the distress was made, with interest thereon up to the day of sale; and the surplus (it any) shall be paid to the person whose property has been sold.
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