Section 263
Order for sale, and matters to be dealt with thereby
of National Land Code (Revised - 2020)
(1)
At the conclusion of any enquiry under section 261, the Land Administrator shall order the sale of the land or lease to which the charge in question relates unless he is satisfied of the existence of cause to the contrary.
(2)
Every such order shall be in Form 16h, and shall—
(a)
provide for the sale to be by public auction;
(b)
specify the date on which the sale is to be held, being a date not less than one month after the date on which the order is made;
(c)
specify the amount due to the chargee at the date on which the order is made;
(d)
fix a reserve price for the purpose of the sale, being a price equal to the market value of the land or lease in question as estimated by the Land Administrator;
(e)
specify that no bidder shall be allowed to bid in the sale unless the Land Administrator is satisfied that the bidder possesses, at the time of the sale, the sum equivalent to ten per centum of the reserve price specified under paragraph (d);
(f)
specify that where the full amount of the purchase price is not paid after the fall of the hammer by the successful bidder, the sum specified in paragraph (e) shall be paid to the chargee and forthwith credited into the account of the chargor pending the settlement of the balance of the purchase price;
(g)
specify that the balance of the purchase price shall be settled on any date not later than one hundred and twenty days from the date of the sale and that there shall be no extension of the period so specified; and 279
Act 828
(h)
specify that where the balance of the purchase price is not settled on a date specified under paragraph (g), the sum paid as deposit under paragraph (f) to the chargee shall be forfeited and disposed of in the manner specified under section 267a.
(3)
Subsections 257(2) and (3) shall apply mutatis mutandis, to orders under this section as they apply to orders of the Court under section 256.