Page:Land (Compulsory Sale for Redevelopment) Ordinance (Cap. 545).pdf/10

(a) subject to paragraph (b), the lot shall be sold by public auction in accordance with the conditions specified in Schedule 2; or

(b) if the whereabouts of each minority owner of the lot is known, the lot may be sold by any other means—

(i) agreed in writing by each minority owner and majority owner of the lot;

(ii) approved by the Tribunal in its absolute discretion; and

(iii) in accordance with such conditions, if any, as the Tribunal specifies in directions.

(2) Where the trustees under an order for sale receive—

(a) at any time before there is a purchaser of the lot the subject of the order; and

(b) if the whereabouts of each minority owner of the lot is known, notices in writing—

(i) from each majority owner and minority owner of the lot the subject of the order; and

(ii) expressly stating that they each do not want the lot to be sold,

then that order shall immediately be deemed to be of no effect as if it had been cancelled by the Tribunal.

(3) Where the purchaser of a lot the subject of an order for sale defaults on a payment for the lot—

(a) the trustees under the order shall, with the agreement in writing of the majority owner and minority owner of the lot, institute legal proceedings to seek—

(i) relief for the loss and damages caused to the owners by reason of the purchaser’s default;

(ii) specific performance of the purchaser’s agreement to purchase the lot,

as may be applicable; and

(b) subject to paragraph (a), the deposit money paid by the purchaser of the lot shall be forfeited to the trustees for the benefit of the majority owner and minority owner of the lot.

(4) Where the lot the subject of an order for sale is not sold—

(a) subject to paragraph (b), within the 3 months immediately following the date on which the order is made; or

(b) within such further period of 3 months as the Tribunal may specify in directions given on application made to it by the trustees under the order or the majority owner or any minority owner of the lot,

then that order shall immediately be deemed to be of no effect as if it had been cancelled by the Tribunal.

(5) It is hereby declared that—