Section 40 in Punjab State Aid to Industries Act, 1935
40. Option of hirer to purchase machinery seized for default.
(1)If the machinery is seized and taken away under section 39 the hirer shall have the option to be exercised within one month after such a seizure or such longer period as may be allowed by the Director in this behalf, of purchasing the same by payment to the Director of the unpaid balance of the cost thereof, together with such other amounts as my be due, and the cost of any expenses incidental to such seizure and removal.(2)If within the period specified in sub-section (1) the hirer does not exercise the option of purchase, the Director shall proceed to dispose of the machinery.
