Protection of Businesses Act, 1978
R 385
Land Titles Adjustment Act, 1993 (Act No. 111 of 1993)11. Sale and transfer of allocated share or portion in certain circumstances and distribution of proceeds |
| (1) | If an applicant fails to pay the amount, or to make the arrangements, referred to in section 10(4)(b), within the period referred to in that section, the commissioner shall sell the land, undivided share or defined portion concerned in such manner and on such conditions as the Minister may determine, but subject to the provisions of subsection (2), and transfer it to the purchaser concerned. |
| (2) | Land, or an undivided share in or a defined portion of land, referred to in subsection (1) shall be sold and be transferred free from any mortgage or any trust, fideicommissum, usufruct or other encumbrance by virtue of a will or other disposition in writing, but subject to any other registered right with which it would in terms of section 10(6) or (7) have been encumbered had it been transferred in terms of section 10(5) to the applicant to whom it was allocated. |
| (3) | The proceeds of a sale in terms of subsection (1) shall be paid to the Director- General and shall be distributed by him in accordance with the provisions of this section. |
| (4) | From such proceeds there shall be deducted— |
| (a) | the amount payable by the applicant concerned to the Director-General in terms of section 5(2) and the expenditure incurred by the commissioner in connection with the sale; |
| (b) | if the land, undivided share or defined portion sold, was subject to a registered mortgage, the amount of the mortgage debt. |
| (5) | An amount deducted in terms of subsection (4)(b) shall be paid by the Director-General to the mortgagee concerned. |
| (6) | After the deductions under subsection (4) have been made, the balance of the proceeds shall— |
| (a) | if the land, undivided share or defined portion sold was subject to a trust, fideicommissum, usufruct or other encumbrance by virtue of a will or other disposition in writing, be deemed to be the subject of the trust, fideicommissum, usufruct or other encumbrance concerned and be paid by the Director-General to the master of the provincial division of the Supreme Court of South Africa having jurisdiction in the area in which the land concerned is situated; |
| (b) | in any other case, be paid to the applicant referred to in subsection (1) or, if his address is unknown, to the said master. |
