Section 191G in West Bengal Co-operative Societies Rules, 2011
191G. Procedure for the receipt, deposit, etc.
(1) On every sale of property, the person declared to be the purchaser shall, immediately aft3r such declaration, deposit twenty-five per centof the amount of his bid money to the sale officer who shall issue a temporary receipt for such deposit, and in default of such deposit, the property shall forthwith be re-auctioned.(2)The balance of the bid money shall be paid by the purchaser to the sale officer within fifteen days from the date of auction.(3)On payment of the balance of the bid money, the sale officer shall grant a final receipt for the entire sale price.(4)All moneys received by the sale officer on the sale of mortgaged property shall, as soon as possible but not later than three days after such receipt, be deposited in the concerned bank or society as the case may be.
