Section 26 in The Punjab Scheduled Roads and Controlled Areas Restriction of Unregulated Development Rules, 1965
26. Release of Bank Guarantee [Section 25(2)(f)].
- After the layout and development works or part thereof in respect of the colony or part thereof have been completed and a completion certificate in respect thereof issued, the Director may, on an application in this behalf from the colonizer, release within a period of six months of the date of the application, the bank guarantee or part thereof, as the case may be, after adjusting the expenditure, if any, incurred as provided under rule 24(5) : provided that if the completion of the colony is taken in parts only the part of the bank guarantee corresponding to the part of the colony completed shall be released: and provided further that always 1/5th bank guarantee shall be kept unreleased to ensure upkeep and maintenance of the colony or the part thereof, as the case may be, for a period of 5 years from the date of issue of the completion certificate under rule 22 or earlier till such time as the colonizer is earlier relieved of the responsibilities in this behalf by the Government or a local authority, as the case may be.[Part IV-A] [Part IV-A added vide Notification GSR65/PA-41/63/S-25 Amend. (1) 68 dated 31-7-1968.] Change of Land Use in Controlled Areas
