Amendment status not verified — confirm the current text below against the official source.
The promoter shall maintain a separate account in any scheduled bank of sums of seventy percent taken Accounts of sums taken by by him from persons intending to take or who have PUNJAB GOVT. GAZ. (EXTRA). APRIL 16, 2021 139 (CHTR 26. 1943 SAKA) Explanation.- For the purpose of this sub-section, the allottee, irrespective of the number of apartments or plots, as the case may be, booked by him or booked in the name of his family. or in the case of other persons such as companies or firms or any association of individuals, by whatever name called, booked in its name or booked in the name of its associated entities or related enterprises, shall be considered as one allottee only. (2) On the transfer or assignment being permitted by the allottees and the competent authority under sub-section (I), the intending promoter shall be required to independently comply with all the pending ob1igation unck'r the provisions of this Act and the rules made thereunder, and the pending obligations as per the agreement for sale entered into by the erstwhile promoter with the allottees: Provided that any transfer or assignment perniitted under the provisions of this section shall not result in extension of time to the intending promoter to complete the colony and he shall be required to comply with all the pending obligations of the erstwhile promoter, and in case of default, such intending promoter shall be liable to the consequences of breach or delay, as the case may be, as provided under this Act and the rules made thereunder.".