Page:Land (Compulsory Sale for Redevelopment) Ordinance (Cap. 545).pdf/15

LAND (COMPULSORY SALE FOR REDEVELOPMENT) :(b) where there is a purchaser of the lot, by the majority owner and minority owner of the lot as apportioned amongst them on the basis specified in Part 3 of Schedule 1.

(2) The trustees may deduct the expenses required to be borne by the majority owner or any minority owner of the lot pursuant to subsection (1) from any deposit money of the purchase price of the lot that is apportioned to such owner.

(3) The apportionment between the majority owner and minority owner of the lot the subject of an order for sale of—
 * (a) the proceeds of sale of the lot; and
 * (b) any deposit money forfeited as referred to in section 5(3)(b),

shall be on the basis specified in Part 3 of Schedule 1.

11. Application of proceeds of sale

(1) The proceeds of sale for the lot the subject of an order for sale shall, after deduction of—
 * (a) the expenses referred to in section 10(1) (unless such expenses have already been deducted in accordance with section 10(2) or otherwise paid); and
 * (b) the legal costs on the assignment of the lot incurred by the trustees under the order as assignor to the assignment,

be paid to the trustees.

(2) The trustees under an order for sale shall apply the proceeds of sale paid to them in respect of the lot the subject of the order in the following order—
 * (a) first, in the discharge of any liability due to the Government in respect of the lot;
 * (b) second, subject to subsection (3), in the discharge of any incumbrance affecting the lot;
 * (c) third, subject to any directions given by virtue of section 4(6)(a)(iii)(A) and (B) and to subsection (4), in payment of the residue to—
 * (i) the majority owner of the lot in accordance with directions but only after any compensation payable by the majority owner under section 8(3) to the tenant concerned has been deducted by the trustees out of the residue payable to the majority owner; and
 * (ii) the minority owner of the lot in accordance with directions but only after any compensation payable by the minority owner under section 8(3) to the tenant concerned has been deducted by the trustees out of the residue payable to the minority owner.