Partition Act,1893
Act No : 4
Section : Procedure when sharer undertakes to buy
3. Procedure when sharer undertakes to buy.-(1) If, in any casein which the Court is requested under the last foregoing section todirect a sale, any other shareholder applies for leave to buy at avaluation the share or shares of the party or parties asking for asale, the Court shall order a valuation of the share or shares in suchmanner as it may think fit and offer to sell the same to suchshareholder at the price so ascertained, and may give all necessaryand proper directions in that behalf.(2) If two or more shareholders severally apply for leave to buy asprovided in sub-section (1), the Court shall order a sale of the share----------------------------------------------------------------------The Act shall come into force in the State of Sikkim on 1.9.1984 videNotifn. No. S. O. 651 (E), dt. 24.8.1984 Gaz. of India, Exty.Pt. II Sec. 3 (ii).1 The Act has been extended to- (a) Dadra and Nagar Haveli (w.e.f. 1-7-1965), by Reg. 6 of 1963, s. 2 & Sch.I; (b) Union territory of Pondicerry by Act 26 of 1968, s.3 & Sch.;2 Subs. by Act 3 of 1951, s. 3 and Sch., for "except Part B States".3 The word "and" at the end of sub-section (2), and sub-section (3), rep. by Act 10 of 1914, s. 3 and Sch. II.----------------------------------------------------------------------76or shares to the shareholder who offers to pay the highest price abovethe valuation made by the Court. (3) If no such shareholder is willing to buy such share or sharesat the price so ascertained, the applicant or applicants shall beliable to pay all costs of or incident to the application orapplications.
Read All Comments
