Application for sale and manner of sale

Finance199963 sections

Statutory text

(1) For exercising the power to sell conferred in sub-section (1) of section 26, the State Development Bank or a District Development Bank or any person duly authorised by the State Development Bank or a District Development Bank as the case may be, may apply to the sale officer appointed in that behalf under section 35 to sell the property to which the security relates or any part thereof, and such officer shall, after giving notice in writing as required by sub-section (3) of section 26, sell such property in such manner as may be prescribed.
(2) The sale shall be by public auction, and shall be held in the village in which the property to which the security relates is situated or at the nearest public place if the sale officer is of the opinion that the property is likely to be sold to better advantage at such place.
(3) The Sale Officer shall forthwith deposit the proceeds of sale with the State Development Bank or the District Development Bank as the case may be.

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