739. Council ordering sale without taking possession of a cottage holding.

Where a council orders the sale of a cottage holding without taking possession1 it must cause the holding to be put up for auction2. The sale by auction may be made either subject to the charge in respect of the terminable annuity3, or free, wholly or partly, from that charge4. In either case, the purchase money to be paid by the purchaser on the auction is subject to the same provisions as purchase money payable on the first sale of a holding5. The council must retain out of the proceeds of sale a sum equal to the redemption value