(1) The order of priority to exercise the right of pre emption shall be as follows:—
(i) all the co-heirs jointly in a conference;
(ii) the moiety holder;
(iii) individual heir.
(2) Where such an application is made by the vendee, the head of the family or any heir may apply to the court that a conference of all interested parties be convened to resolve whether all the co-heirs jointly wish to exercise their right of pre-emption in favour of the inheritance. Where such right is not exercised, and upon moiety holder also failing to exercise such right, the heirs may exercise their individual rights in accordance with the succeeding sub-section.
(3) (a) Where more than one heir wishes to exercise the right of pre-emption, the largest share holder shall have preference.
(b) If any interested party expressly preempts and, then, fails to make the payment or deposit the price within 15 days time, he shall forfeit his right. Such failure shall be brought to the notice of next largest shareholder, who has exercised the right of pre-emption, and he shall have to make the payment or deposit the price, within 15 days from the date of receipt of the notice, and so on.
(c) Where the shares are equal, all those who applied for pre emption, shall be summoned to appear in court for licitation. Minutes of the licitation shall be drawn and the highest bid of each bidder shall be recorded. The highest bidder shall make the payment within 15 days from the date of the licitation, failing which he shall forfeit his right. Such failure shall be brought to the notice of the next highest bidder who shall have to make the payment or deposit the price within 15 days from the date of receipt of the notice and so on.
CHAPTER XXXVIII Initial list of assets