Land Act, 1933
|
Guarantee deposits. |
54.—(1) When the purchase money of an estate is distributed before the vesting orders in respect of all the holdings comprised in such estate have been made, the Judicial Commissioner shall retain in land bonds out of the purchase money as a guarantee deposit a sum equal to ten per cent. of the purchase money, or such greater sum as the Judicial Commissioner shall think proper but not exceeding in any case twenty-five per cent. of the purchase money unless, on the distribution of such purchase money, the Land Commission certify that no retainer or only a retainer less than ten per cent; of the purchase money need be made. | |
(2) Sub-section (1) of section 21 of the Land Act, 1931 , is hereby repealed. |