Page:Land (Compulsory Sale for Redevelopment) Ordinance (Cap. 545).pdf/11

LAND (COMPULSORY SALE FOR REDEVELOPMENT) :(a) if the lot the subject of an order for sale is to be sold by auction, it shall be sold to the highest bidder at the auction;
 * (b) nothing in this Ordinance shall operate to prevent the majority owner or any minority owner of the lot the subject of an order for sale from being the purchaser of the lot.

6. Amount to be paid to trustees where majority owner or minority owner is successful purchaser

(1) The majority owner of a lot the subject of an order for sale who is the purchaser of the lot—
 * (a) subject to paragraph (b), is not required to pay to the trustees under the order the full purchase price; but
 * (b) is required to pay to the trustees not less than that proportion of that amount that the trustees calculate is necessary—
 * (i) for the majority owner to purchase all the undivided shares in the lot not already owned by the majority owner; and
 * (ii) to enable the trustees to comply with section 11(2) to the extent that any liability due to the Government in respect of the lot, or compensation payable to any tenant, referred to in that section is attributable to the majority owner.

(2) Subsection (1) shall apply to any minority owner of a lot the subject of an order for sale who is the purchaser of the lot as it applies to the majority owner of a lot the subject of an order for sale who is the purchaser of the lot.

7. Registration of order for sale, etc.

(1) The trustees under an order for sale shall cause a copy of—
 * (a) the order; and
 * (b) Schedule 3,

to be registered under the Land Registration Ordinance (Cap. 128) against the lot to which the order relates and, immediately upon that registration—
 * (i) notwithstanding any other law, there shall by virtue of this section vest in the trustees the power to assign all the estate, right and interest in the lot held by the majority owner and the minority owner of the lot for—
 * (A) the purposes of selling the lot only to the purchaser of the lot (or, if the purchaser is the majority owner or any minority owner, selling such part of the lot which is not already owned by the purchaser);