Report No. 86
Chapter 6-Sale to Shareholders: Section 3
(2) In section 3(1) (Procedure where a sharer undertakes to buy), under which, at present, only certain co-sharers-i.e. co-sharers who have not sued under section 2-can apply for purchase, an amendment should be made to enable any co-sharer to apply under that sub-section.1
(3) In section 3, a new sub-section (1A) should be inserted to provide that if, in any case in which the Court directs a sale under section 2, any shareholder applies for leave to buy at a valuation the suit property, the Court may order valuation and offer to sell the property to that shareholder at the price so ascertained and may give all necessary and proper directions in that behalf.2
(4) An Explanation should be inserted in section 3 to the effect that an application under sub-section (1) or under (newly inserted) sub-section (1A) may be made at any time before the sale is actually held.3
(5) Consequential changes may be made4 in section 3(2).
1. Para. 6.7.
2. Para. 6.8.
3. Para. 6.14.
4. Para. 6.15.