Section 3A: Transfer with right of redemption (réméré)

3A. Transfer with right of redemption (réméré) (1) Where a transferor of immovable property reserves for himself a right of redemption (faculté de rachat ou de réméré) in accordance with article 1659 of the Code Civil Mauricien and fails to exercise his right of redemption within the period specified in a deed of transfer or in a subsequent deed, the transferee shall, within 3 months after such failure, cause a notarial deed to be drawn up stating— (a) the date on which the right of redemption of the transferor has been extinguished; and (b) the open market value of the property at the date referred to in paragraph (a). (2) A deed drawn up in accordance with subsection (1) shall be registered and duty at the appropriate rate prescribed in the First Schedule shall be levied on the difference between the open market value of the property as specified in the deed, or as determined in accordance with section 28 of the Land (Duties and Taxes) Act or as decided by the Assessment Review Committee under section 20 of the Mauritius Revenue Authority Act and the value specified in the deed of transfer. (3) Where a transferee fails to comply with subsection (1) or (2), he shall be liable to a penalty equivalent to the amount of duty leviable under subsection (2). [S. 3A amended by s. 3 of Act 34 of 1984 w.e.f. 9 July 1984; s. 3 of Act 46 of 1984 w.e.f. 16 July 1984; s. 11 (1) (b) of Act 23 of 1993 w.e.f. 1 November 1993; s. 15 (b) of Act 23 of 2001 w.e.f. 11 August 2001; s. 27 (13) (c) of Act 33 of 2004 w.e.f. 1 July 2006.] 3B. – 3C. — 4. — [S. 4 amended by s. 3 of Act 46 of 1984 w.e.f. 16 July 1984; s. 3 (c) of Act 4 of 1987 w.e.f. 1 November 1987; repealed by s. 25 (c) of Act 15 of 2006 w.e.f. 7 August 2006.]