58Action on instalments being overdue

58 Action on instalments being overdue

If at any time any instalment or money payable in respect of a contract of sale or any part of such instalment or money is unpaid for three calendar months next after the time appointed for the payment thereof, then, although no legal demand has been made for payment, the Custodian or his duly authorized agent may enter upon and take possession of the property in respect of which the contract of sale was entered into, and may cancel the contract of sale, and, in his discretion, forfeit any moneys previously paid by the purchaser under the contract of the sale:

Provided that, where the Custodian is satisfied that, by reason of a fall in the market price of copra or other extraordinary circumstances not within the control of a purchaser, such purchaser is temporarily unable to make payment of moneys falling due under his contract of sale, the Custodian may defer or waive payment of the whole or any portion of the moneys so due for such a period and on such terms as the Minister approves.