Section 3
Procedure when sharer undertakes to buy.
About this Act
An Act to amend the Law relating to Partition.
(1) If, in any case in which the court is requested
under the last foregoing section to direct a sale, any other shareholder applies for leave to buy at a
valuation the share or shares of the party or parties asking for a sale, the court shall order a valuation of
the share or shares in such manner as it may think fit and offer to sell the same to such shareholder at the
price so ascertained, and may give all necessary and proper directions in that behalf.
(2) If two or more shareholders severally apply for leave to buy as provided in sub-section (1), the court shall order a sale of the share or shares to the shareholder who offers to pay the highest price above the valuation made by the court.
(3) If no such shareholder is willing to buy such share or shares at the price so ascertained, the applicant or applicants shall be liable to pay all costs of or incident to the application or applications.
(2) If two or more shareholders severally apply for leave to buy as provided in sub-section (1), the court shall order a sale of the share or shares to the shareholder who offers to pay the highest price above the valuation made by the court.
(3) If no such shareholder is willing to buy such share or shares at the price so ascertained, the applicant or applicants shall be liable to pay all costs of or incident to the application or applications.