Section 259
Procedure at sale
of National Land Code (Revised - 2020)
(1)
Every sale pursuant to an order under section 256 shall take place under the direction of an officer of the Court, but this subsection shall not prevent the Court from taking the assistance thereat of any licensed auctioneer.
(2)
The officer under whose direction the sale takes place shall—
(a)
receive the bids (including any bid by or on behalf of the chargee);
(b)
settle summarily any question arising in the course of the proceedings;
(c)
in the absence of any bid at or above the reserve price, withdraw the land or lease in question from the sale, direct that it be put up for auction on a subsequent date, either at the same or at a new reserve price, and see that the subsequent sale is publicly advertised in the like manner; and
(d)
subject to paragraph (c), declare the sale concluded in favour of the highest bidder.
275
Act 828
(3)
The purchaser at the sale shall, upon payment to the said officer of the full amount of the purchase price, be entitled to receive from him—
(a)
a certificate in Form 16f that the land or lease in question has been sold to him under the authority of this Act
(which certificate shall, as provided by section 267, be registrable by the purchaser as if it were an instrument of dealing); and
(b)
if deposited with the Court pursuant to paragraph 258(2)(b), the issue document of title to the land or, as the case may be, duplicate lease.
(3a)
Notwithstanding subsection (3), where the chargee is a financial institution, the purchaser at the sale shall, upon payment of the full amount of the purchase price to the chargee and upon receipt of the certification in writing from the chargee not later than fourteen days following the payment of such sum, that the balance or the full amount of the purchase price has been paid, shall be entitled to receive from the said officer of the Court—
(a)
a certificate in Form 16f that the land or lease in question has been sold to him under the authority of this Act
(which certificate shall, as provided by section 267, be registrable by the purchaser as if it were an instrument of dealing); and
(b)
if deposited with the Court pursuant to paragraph 258(2)(b), the issue document of title to the land or, as the case may be, duplicate lease.
(4)
Where the order for sale under subsection 257(1) requires the payment of any deposit by the successful bidder in any public auction and the balance to be settled on a date not later than one hundred and twenty days from the date of the sale, section 267a shall apply.
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National Land Code 409
Provisions of the
National Land Code
Modification
Act 828
Provisions of the
National Land Code
Modification
Heading before section 260 In its application to the Federal Territory of Labuan, delete this heading.
Sections 260 and 261
In its application to the Federal Territory of Labuan, delete these sections.
National Land Code
National Land Code 411
Procedure—Land Office Title, Qualified Title Corresponding
Thereto, and Subsidiary Title