(1)If, in any case in which the Court is required under the last foregoing section to direct a sale, any other shareholder applies for leave to by at a valuation the share or shares of the party or parties asking for a sale, the Court shall order a valuation of the share or shares in such manner as it may thinks tit and offer to sell the same to such shareholder at the price so ascertained, and may give all necessary and proper directions in that behalf.(2)If two or more shareholders severally apply for leave to buy as provided in sub-section (1), the Court shall order a sale of the share or shares to the shareholder who offers to pay the highest price above the valuation made by the Court.(3)If no such shareholder is willing to buy such share or shares at the price so as ascertained, the applicant or applicants shall be liable to pay all costs of or incident to the application or applications.The Act extends to the whole of Jammu and Kashmir State and came into force on the 1st day of Baisakh, 1978 (by Act IV of 1977).
