55Insurance of buildings etc

55 Insurance of buildings etc

(1) Unless the Custodian otherwise determines the purchaser shall, within fourteen days after he becomes entitled to possession of the property, insure with a company approved by the Custodian, and shall, until the full amount of the purchase money has been paid, keep so insured from fire, to the full insurable value thereof, all dwellings, offices, and other permanent buildings, jetties, vehicles, vessels, boats, and copra‑drying kilns included in the property purchased.

(2) If the purchaser fails to insure the property in accordance with the provisions of this regulation or, having insured the property, fails for any period of fourteen days or more to keep it so insured, the Custodian or his duly authorized agent may cancel the contract of sale, and, in his discretion, forfeit any moneys previously paid under the contract of sale.

(3) Every cover‑note and insurance policy obtained by the purchaser in pursuance of this regulation shall be lodged with the Custodian or his duly authorized agent within fourteen days after the issue of the cover‑note or policy, as the case may be.