Section 7 in Punjab State Agricultural Marketing Board (Sale and Transfer of Plots) Rules, 1999
7. Sale by auction.
- [Sections 43 and 18 of Punjab Act 23 of 1961.] - In the case of sale by auction, the sale price shall be the reserve price or any higher price determined as a result of bidding in open auction. At least twenty-five per cent of the bid accepted by the auctioning officer, shall be paid on the spot by the purchaser, in cash or by means of demand draft drawn in favour of the Board and the balance shall be paid either in lump sum within sixty days from the date of auction or in instalments as provided in sub-rule (5) of rule 4 :Provided that the sale by auction shall be subject to the confirmation of the Secretary of the Board.[Provided further that before conducting the sale by auction, the process for allotment to eligible applicants under rule 3, shall be finalized] [Added by Punjab Government Notification No 4/PA 23/1961 Section 18 and 43/Amd. (1)/2008 dated 2nd January, 2008.]
