50BTenderer to purchase plantation stores etc

50B Tenderer to purchase plantation stores etc

Unless otherwise agreed to by the Custodian, every tenderer for a plantation whose tender is accepted shall, before becoming entitled to possession of the property tendered for, purchase from the Custodian the property specified in subregulation (2) of regulation 48 of these Regulations, on the following basis:

(a) Plantation stores on hand — cash, at the value set forth in the books of the Custodian;

(b) Unexpired contracts with native labourers — cash, at the value set forth in the books of the Custodian as the cost of each contract, less a proportionate reduction for the time which has expired, and less deferred wages up to the date on which the benefit of the contract is transferred to the tenderer, who shall assume the obligation to pay deferred wages accrued up to that date; and

(c) Coco-nuts collected at the usual places for cutting, copra and other produce in course of curing, and copra and other produce on hand — terms of payment and price to be agreed upon.