After the layout and development works or part thereof in respect of the colony or part thereof have been completed and a completion certificate in respect thereof issued, the Director may, on an application in this behalf from the colonizer, release bank guarantee or part thereof as the case may be:
Provided that if the completion of the colony is taken in parts only, the part of the bank guarantee corresponding to the part to the colony completed shall be released:
Provided further that the bank guarantee equivalent to 1/5th amount thereof shall be kept unreleased to ensure upkeep and maintenance of the colony or part thereof, as the case may be, for a period of five years from the date of issue of the completion certificate under rule 16 or earlier, in case the colonizer is relieved of the responsibilities in this behalf.
PART III
21. Application for obtaining exemption from grant of licence [Section 9
(2)].— (1) Any person desirous of obtaining exemption from grant of licence under sub-section (1) of section 9 of the Act shall make an application to the Director in form EC-1 and EC-II for cases falling under [clauses] (a) and (b) respectively of sub-section (1) of section 9 along with copies of layout plan and other documents specified therein in triplicate.
[64]
(2) Incases falling under clause (b) referred to in sub-rule (1), the applicant shall undertake to provide amenities similar to those existing in the locality if not already provided by him.