PRAYA EAST RECLAMATION.
No. 17 of 1921.
2635
an account to be opened at the said bank and to be called (s. 8 contd.) the Praya East Reclamation Account, a sum equal to twenty-five per cent. of the amount of the estimated cost attributable to him as such cost is shown in or ascertained by the statement referred to in section 7 (2), and subject to the provisions of sub-section (3) of this section any interest which accrues on such deposit shall be paid to such person upon all the obligations imposed by this Ordinance upon him and his successors in title (if any) being discharged.
(2) Every Marine Lot owner shall pay into the said account towards the cost of the reclamation, in each case within seven days after the posting of the registered letter containing the call, such sums as the Director of Public Works may from time to time call upon him to pay: Provided that pending the ascertainment of the actual cost of the reclamation the total amount of such calls, together with the deposit referred to in sub-section (1), shall not exceed the estimated cost attributable to such Marine Lot owner as such cost is shown in or ascertained by the said statement.
(3) Every Marine Lot owner shall take up the reclamation areas allotted to him, and shall, within seven days after the posting of the registered letter containing the notice referred to in section 9 (2), pay for the said areas premium at the rate of twenty-five cents per square foot, and shall take out a Crown lease for the said areas forthwith when called upon to do so.
(4) Every Marine Lot owner shall, immediately before taking out the Crown lease for the areas allotted to him, enter into an agreement, to be approved by the Land Officer, and to be registered against such areas in the Land Office, binding himself and his successors in title to pay all unpaid or future calls which may have been or which may be made under sub-section (2) in respect of the said areas.
(5) If the person whose duty it is to do so fails to pay duly any call, or fails to take up duly the reclamation areas allotted to him, or fails to pay duly the premium therefor, or fails to take out duly a Crown lease for the said areas, or fails to enter duly into the agreement referred to in sub-section (4), the deposit referred to in sub-section (1) and any interest accrued thereon, and all other moneys paid under this Ordinance by him or his predecessors in title in respect of the said reclamation areas, shall be forfeited to the Crown,