717Payment of purchase money

717 Payment of purchase money

717 Payment of purchase money

(1) The purchase money for land sold under this Division must be paid to the council, and the council’s receipt is a discharge to the purchaser in respect of all expenses, rates, charges and debts referred to in section 718.

(2) The purchase money for land purchased by the council must be paid by way of a transfer between the appropriate funds kept by the council.

(3) Any such transfer is taken to be—

(a) payment to the council of the purchase price of the land, for the purposes of section 722, and

(b) purchase money received by the council on the sale of land for unpaid rates and charges, for the purposes of section 718.

s 717: Am 1998 No 16, Sch 1 [25].