Report No. 86
III. Time Limit for Application for Sale
6.9. Section 3 and question of time for applying.-
We now come to one point which also arises out of section 3(1). The right of a party to purchase the shares of the co-sharers who had made an application under section 2 is to be exercised within a particular time. Section 3(1) provides that if, in any case in which the Count is requested to direct a sale, any other share-holder applies for leave to buy, the Court shall order a valuation of the shares and offer to sell the same. Controversy exists as to the exact point of time at which the application under section 3(1) should be made. Should the application be made before the sale is ordered, or can it be made before the sale is actually held? There is a conflict of decisions on the subject.
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