Amendment status not verified — confirm the current text below against the official source.
(1) Inthe case of transfer of a municipal property through auction or draw of lots by a Municipality, the transferee shall be required to pay the price as per terms and conditions of such a transfer. (2) In the case of transfer of a property to a tenant or an occupant, the Municipality shall communicate the decision to transfer the property to him in accordance with the provisions of this Act within fifteen days of the approval of the resolution of the Municipality to this effect by the Government. (3) In case a Municipality decides to transfer ownership of a municipal property to its tenant or occupant at a price fixed by the Price and Rent Fixation Committee in accordance with the provisions of this Act, the transferee shall give his consent for the same in writing within fifteen days of receipt of communication of such a decision of the Municipality. (4) Any tenant or occupant, who has given his consent under sub-section (3) shall be required to make payment of due price in following manner, namely:- (a) fifty per cent of the amount within one week from the date of issue of letter of decision of transfer by the Municipality; (b) balance amount within two months of date of issue of letter of decision of transfer; (c ) in case the occupier chooses to pay the whole amount in lump sum within one week from the date of issue of letter of decision of transfer, he shall be entitled to a rebate of five percent on the whole amount; Scanned with CamScanner Payment of Price. Vacation of municipal property. Registration of municipal property. 72 PUNJAB GOVT. GAZ. (EXTRA), APRIL 1, 2020 (CHTR 12, 1942 SAKA) (d) if the property is in the name of women or a person above the age of sixty-five years then rebate of ten per cent shall be given on lump sum payment; and (e) if the due price 1s not paid by due dates, interest at the rate of twelve percent per annum shall be charged on the due price for the period of delay, for not more than ninety days. Thereafter, the concerned Municipality shall proceed with the eviction of the property. However, the interest shall continue to be levied till the date actual possession 1s taken by the Municipality.