Vacancies how to be filled

Any vacancy of a director of the Corporation shall be filled as early as practicable, in like-manner as if the appointment was being made originally: Provided that, during any such vacancy the continuing director may act as if no vacancy had occurred. (a) an allottee is expected to complete the project and go into commercial operations within a period of 3 years from the date of taking over possession and except those allotments by auction by the Corporation covered under Clause 7 above, shall be given incentive as under: (i) The allottee shall be entitled for refund of the 20% of the amount paid by him to the Corporation towards the premium of the land in the event the allottee completes the project and goes into commercial operation within two years. Any transfer on account of auction by the financial institutions pursuant to the issue of letter under clause 20 (b), shall be only for use under a category permitted by the Corporation and the fees prescribed under sub-clause 6 of Schedule III would be applicable.