35. Application of proceeds of sale of flat

The moneys received by a Town Council in exercise of its power of sale under section 34(5), after discharging all prior encumbrances, must be held by it in trust to be applied —

firstly, in payment of all costs and expenses properly and reasonably incurred by the Town Council as incidental to the sale or any attempted sale, or otherwise;

secondly, in payment to the Central Provident Fund Board of all moneys secured by its charge constituted under section 21 or 21B of the Central Provident Fund Act 1953 and are mentioned in section 34(4);

thirdly, in payment to the Board of such moneys due under the lease of the flat to the Board as are mentioned in section 34(4);

fourthly, in payment to the Board of all moneys secured by its charge on the flat (if any) under section 82 of the Housing and Development Act 1959 for unpaid improvement contribution, and in payment to the Town Council of all moneys secured by its charge on the flat (if any), in the order of their priority;

fifthly, in discharge, equally and without preference, of —

the conservancy and service charges and interest accrued and due to the Town Council at the date of the sale; and

any improvement contribution (including any interest and penalty thereon) accrued and due to the Town Council at the date of the sale, whether or not secured by any charge under section 32;

sixthly, in discharge of any improvement contribution (including any interest and penalty thereon) accrued and due to the Board at the date of the sale, which is not secured by any charge under section 78 of the Housing and Development Act 1959;

seventhly, in payment of subsequent mortgages and charges (if any) in the order of their priority; and

finally, the residue of such moneys so received must be paid to the person who appears from the land‑register kept under the Land Titles Act 1993 to be entitled to the flat sold or to be authorised to give receipts for the proceeds of the sale thereof.[24G