Conditions applicable in case of sale of sites and buildings to refugees

General194819 sections

Statutory text

(1) Where the [State] Government sells any building site or sells a building under this Act, the said sale may be effected either by auction or by private treaty at a fixed valuation, as may be determined by it.
(2) The purchase price may be paid at the option of the purchaser either in a lump sum at the time of sale or in instalments as hereinafter provided.]
(3) Where the purchaser proposes to pay the purchase price in instalments :-
- (a) a sum not less than 5 percent of the purchase price shall be paid at the time of sale;
- (b) the balance, together with interest thereon at such rate as may be fixed by the State Government in the terms and conditions of sale, shall be paid in 30 equated half-yearly instalments, in the prescribed manner;
- (c) the first instalment shall be payable on or before the expiry of a period of 6 months from the date of sale :

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