Payment of purchase price

(1) The purchase price of the land assigned on registry under section 106 shall be an amount calculated at the rate specified in Schedule III, and shall be payable either in lump or in sixteen equal annual instalments. The assignment shall be made on payment of the purchase price either in lump or the first instalments thereof.

(2) Where the purchase price is payable in instalments, the amount outstanding after payment of each instalment shall bear interest at the rate of 4 ½ per cent per annum.

(3) All amounts due from an assignee shall be a first charge on the land assigned and shall be recoverable as arrears of land revenue under the law for the time being in force relating to the recovery of land revenue.