Amendment status not verified — confirm the current text below against the official source.
(1) Subject to any rules that may be made under this Act, the managing officer or managing corporation may transfer any property out of the compensation pool -- (a) by sale of such property to a displaced person or any association of displaced persons, whether incorporated or not, or to any other person, whether the property is sold by public auction or otherwise; (b) by lease of any such property to a displaced person or an association of displaced persons, whether incorporated or not, or to any other person; (c) by allotment of any such property to a displaced person or an association of displaced persons whether incorporated or not, or to any other person, on such valuation as the Settlement Commissioner may determine; (d) in the case of a share of an evacuee in a company, by transfer of such share to a displaced person [or any association of displaced persons, whether incorporated or not, or to any other person], notwithstanding anything to the contrary contained in the Indian Companies Act, 1913 (7 of 1913) 12 or in the memorandum or articles of association of such company; (e) in such other manner as may be prescribed. [(1-A) For the purpose of transferring any property out of the compensation pool under sub-section (1), it shall be lawful for the managing officer or the managing corporation to transfer the same to a displaced person jointly with any other person or an association of displaced persons or otherwise.] (2) Every managing officer or managing corporation selling any immovable property by public auction under sub-section (1) shall be deemed to be a Revenue Officer within the meaning of sub-section (4) of Section 89 of the Indian Registration Act, 1908 (16 of 1908). (3) Where the ownership of any property has passed to the buyer before the payment of the whole of the purchase money, the amount of the purchase money or any part thereof remaining unpaid and any interest on such amount or part shall, notwithstanding anything to the contrary contained in any other law, be a first charge upon the property in the hands of the buyer or any transferee from such buyer and may, on a certificate issued by the Chief Settlement Commissioner, be recovered in the same manner as an arrear of land revenue. Inserted by Act 86 of 1956, Section 5 (w.r.e.f. 22/10/1956). See now the Companies Act, 1956 (1 of 1956). Inserted by Act 2 of 1960, Section 5.