Section 8A:

8A. Developer may sell or receive payment Any developer who has been issued with a letter of intent under section 6 may, after furnishing the Board with a bank gurantee equivalent to the estimated value of the infrastructural works to be executed, sell or enter into an agreement to sell, or receive any payment or other consideration, not exceeding the amount covered by the bank guarantee, in respect of any sale or any agreement to sell, any portion of land comprised in the morcellement in respect of which a letter of intent has been issued. [S. 8A inserted by 20 (b) of Act 18 of 2008 w.e.f. 19 July 2008.] M67 – 7 [Issue 8] Morcellement Act