26
CAP. 283]
Housing
[1989 Ed.
2.
(a) either-
(i) a period of 10 years has elapsed from the date of the assignment to the purchaser, or
(ii) before that period has elapsed, the purchaser has offered to assign the land to the Authority and the Authority or its nominee has declined to accept the assignment; and
(b) the purchaser has first paid to the Crown an amount equal to that proportion of the full market value, as assessed by the Director of Housing, of the land at the time of that payment which is the same proportion of the full market value, as specified in the deed of assignment, of the land at the time of the sale to the purchaser which was not paid by the purchaser at the time of the assignment to him. (Amended 16 of 1988 s. 11)
Where the purchaser offers to assign the land to the Authority, or a person nominated by the Authority, the purchase price shall be---
3.
(a) where the purchaser offers to assign the land before a period of 5 years has elapsed from the date of the assignment to the purchaser, an amount equal to the price (excluding interest on the price and any legal or other expenses incurred in connection with the purchase of the land by the purchaser) paid by the purchaser on assignment of the land to him;
(b) where the purchaser offers to assign the land after a period of not less than 5 years has elapsed from the date of the assignment to the purchaser, an amount fixed by the Director of Housing who, in fixing that amount, shall have regard to the price of land, as similar as possible to that to be assigned by the purchaser, being offered for sale, either by the Authority or in respect of which the Authority is authorized to nominate purchasers, at the time of the purchaser's offer to assign:
Provided that if no such land is being offered for sale at that time, the Director of Housing shall have regard to the price of such land last offered for sale. (Amended 16 of 1988 s. 11)
Against assignment of the land to the Authority, or a person nominated by the Authority, the purchaser shall be entitled to receive the price as mentioned in paragraph 2(a) or (b), less--
4.
(a) the amount due under any registered mortgage, which shall be paid to the mortgagee;
(b) any rates or property tax due in respect of the land;
(c) any amount certified by the Authority as being the reasonable cost of making good any damage or deterioration to the land;
(d) any amount due under any deed of mutual covenant in respect of the land;
(e) all legal costs and other expenses, fees and duty payable in respect of the assignment by the purchaser; and
(f) any electricity, gas, water or other public utility charges due in respect of the land.
Notwithstanding that the purchaser has not paid the amount mentioned in paragraph 1, he may, for the purpose of raising purchase money for the purchase of the land, mortgage the land to such persons, and on such terms, as are authorized by the Director of Housing. (Amended 16 of 1988 s. 11)
(Schedule added 15 of 1982 s. 19)
26
CAP. 283]
Housing
[1989 Ed.
2.
(a) either-
(i) a period of 10 years has elapsed from the date of the assignment to the
purchaser, or
(ii) before that period has elapsed, the purchaser has offered to assign the land to the Authority and the Authority or its nomince has declined to accept the assignment; and
(b) the purchaser has first paid to the Crown an amount equal to that proportion of the full market value, as assessed by the Director of Housing, of the land at the time of that payment which is the same proportion of the full market value, as specified in the deed of assignment, of the land at the time of the sale to the purchaser which was not paid by the purchaser at the time of the assignment to him. (Amended 16 of 1988 s. 11)
Where the purchaser offers to assign the land to the Authority, or a person nominated by the Authority, the purchase price shall be---
3.
(a) where the purchaser offers to assign the land before a period of 5 years has elapsed from the date of the assignment to the purchaser, an amount equal to the price (excluding interest on the price and any legal or other expenses incurred in connection with the purchase of the land by the purchaser) paid by the purchaser on assignment of the land to him;
(b) where the purchaser offers to assign the land after a period of not less than 5 years has clapsed from the date of the assignment to the purchaser, an amount fixed by the Director of Housing who, in fixing that amount, shall have regard to the price of land, as similar as possible to that to be assigned by the purchaser, being offered for sale, either by the Authority or in respect of which the Authority is authorized to nominate purchasers, at the time of the purchaser's offer to assign:
Provided that if no such land is being offered for sale at that time, the Director of Housing shall have regard to the price of such land last offered for sale. (Amended 16 of 1988 s. 11)
Against assignment of the land to the Authority, or a person nominated by the Authority, the purchaser shall be entitled to receive the price as mentioned in paragraph 2(a) or (b), less--
4.
(a) the amount due under any registered mortgage, which shall be paid to the mortgagee; (b) any rates or property tax due in respect of the land;
(c) any amount certified by the Authority as being the reasonable cost of making good
any damage or deterioration to the land;
(d) any amount due under any deed of mutual covenant in respect of the land;
(e) all legal costs and other expenses, fees and duty payable in respect of the assignment
by the purchaser; and
(ƒ) any electricity, gas, water or other public utility charges due in respect of the land. Notwithstanding that the purchaser has not paid the amount mentioned in paragraph 1, he may, for the purpose of raising purchase money for the purchase of the land, mortgage the land to such persons, and on such terms, as are authorized by the Director of Housing. (Amended 16 of 1988 s. 11)
(Schedule added 15 of 1982 s. 19)
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