The auction shall, in addition to any other ' conditions which the Panchayat may think fit to impose be subject to the following conditions, namely:- '
(a) no one shall be a~owed to bid unless he has deposited a sum of ,equal to five per cent of the price of the property with the officer conducting the auc~iori as an earnest money: '
(b) the highest bid shall be accepted subject to the confirmation by :the Panchayat: .
Provided that the lower bid may be accepted with the sanction of the State Government or any other officer authorised by it under ----- ...---- Section 65.-" ~--- .. --- .. ~_._- ------ ----- _.
(c) the person whose bid is ;lccepted shall deposit twenty five per cent of the auction price immediately after his bid is accepted.
The deposit of earnest money shall be adjusted in this amount.
'f he fails to deposit twenty five per cent of the auction price as required by this rule Hfe earnest money deposited by him shall be forfeited in favour of the Panchayat concerned and the auction , shall be treated as cancelled.
(d) The balance shall be paid and U"_edeed of transfer executed __ _ __.. within thirty days of the c.onfirmati:mof the bid being notified to _...._~_"'_-- =." ,=_,~~..-'-hi!ll...~(,h~~~~ls t(} depo~..!LQ"l.ebalance within thirty days of -- - -- - ... , - ..confirmation of hid thEtwenfyfrve per cent'amount deposited by.
him shall stand forfeited in favour of the Panchayat concerned and the auction shall be treated as cancelled.