Singapore legislation

Clause 44

of Planning Bill

Clause 44

Application of proceeds

(1)

The proceeds of a sale under section 42(1) shall be applied in the first place in satisfaction of the sum due together with interest thereon at the rate of 9% per annum and costs.

(2)

In the event of there being any surplus remaining, the competent authority shall, if satisfied as to the right of any person claiming the surplus, pay the surplus to that person or, if not so satisfied, shall hold the surplus in trust for the person who ultimately succeeds in due course of law in establishing his title thereto.

(3)

If no title is established to that surplus at the end of 5 years after the date of the sale under section 42(1), the surplus shall be paid into the Consolidated Fund.