Owner of land and buildings may be permitted to carry out slum clearance scheme or re-development scheme

(1) Notwithstanding the publication of a notice by the Central Authority in accordance with section 20 of this Act, the owner of any land or buildings specified in such notice may, with the permission of the Central Authority and the approval of the Minister, undertake for himself the clearance and reconstruction of the land and buildings so specified or the re-development thereof, subject to the provisions hereinafter contained. (2) Any application for such permission with full particulars accompanied by plans shall be made by the owner in writing addressed to the Central Authority within four weeks of the date of publication of the notice by the Central (3) The Central Authority shall as soon as practicable after the receipt of such application consider the same at a meeting of the Central Authority and shall by resolution passed at such meeting either refuse or accept the application. (4) The resolution together with the application shall be submitted to the Minister who may either reject the application or grant it with such modifications, if any, as he may think fit. (5) If the application is granted, the owner shall within four weeks of the date of his being notified of the granting of his application enter into a bond with one or more sureties to be approved by the Central Authority in a sum not less than the estimated cost of clearance and reconstruction of the land and buildings or the re-development thereof, as the case may be, specified in the application as approved by the Minister, which said bond shall be conditioned that the owner shall pay such sum as aforesaid into the Consolidated Revenue Fund upon failure to complete the clearance and reconstruction of the said land and buildings or the re-development thereof, as the case may be, within a period to be specified in the bond and in accordance with the scheme. (6) If the owner of any such land and buildings fails to complete the clearance and reconstruction thereof or the re- development thereof, as the case may be, in accordance with the scheme to the satisfaction of the Central Authority and within the period specified in the bond, subject to any variation or extensions approved by the surety or sureties and the Minister, the Central Authority may, notwithstanding the enforcement of the bond, acquire such land and buildings and clear and reconstruct or re-develop them in accordance with 32 (7) Upon the completion by the owner of the clearance and the reconstruction of the said land or buildings or the re- development thereof, as the case may be, to the satisfaction of the Central Authority, the Central Authority shall, at the expense of the owner, cause the notice published by the Central Authority in accordance with section 20 to be amended by the publication of an amending notice deleting from the first mentioned notice the land and buildings specified in the bond. area.