(1) Despite the publication of a notice by the Corporation in accordance with section 25, the owner of any land or building included in the relevant scheme may, with the permission of the Corporation, undertake the clearance and reconstruction of the land and buildings so specified or the re-development thereof subject to this Act.
(2) An application for such permission shall be made by the owner in writing addressed to the Corporation within 8 weeks of the date of publication of the notice by the Corporation and shall contain full particulars accompanied by plans.
(3) The Corporation shall, within 4 weeks after receipt of such application, consider the application at a meeting of the Corporation and shall, subject to subsection (4), by resolution passed at such meeting, either grant the application or refer the matter to the Minister.
(4) The Minister may either reject any application so referred to him or her or grant the application with such modifications, if any, as he or she thinks fit.
(5) Where the application is granted, the owner shall within 4 weeks of the date of his or her being notified of the granting of his or her application enter into a bond with one or more sureties approved by the Corporation for a sum not less than the estimated cost of clearance and redevelopment of the area as specified in the application approved by the Minister.
(6) It shall be a condition of the bond required under subsection (5) that the owner shall pay the sum of the bond or part thereof to the Corporation upon failure to complete the clearance and redevelopment within the period specified in the bond or in accordance with the scheme.
(7) Where the owner of any land and building fails to complete the clearance and redevelopment, in accordance with the scheme and to the satisfaction of the Corporation or within the period specified in the bond, subject to any variation or extensions approved by the sureties, the Corporation may, despite the enforcement of the bond, acquire the land and building and clear and re-develop the land and building in accordance with this Act.
(8) Upon the completion by the owner of the clearance and the reconstruction of the land or buildings or the re-development thereof, as the case may be, to the satisfaction of the Corporation, the Corporation shall cause the notice published by the Corporation in accordance with section 25 to be amended accordingly by the publication of an amending notice.