(a) Purchasers of allotted land under this subchapter shall not, within a period of 20 years from the date of the deed, lease, sublease, sell or transfer by gift or otherwise the land so allotted without the prior written consent of the Governor. Such restraints on alienation shall not be construed to apply to a devise or other transfers by operation of law brought about by reason of the death of the purchaser.
(b) All deeds delivered under this subchapter shall give the Government a first priority option to repurchase the land allotted at the same purchase price plus the value of any improvements made by the owner or his predecessors which increased the value of the real property. The repurchase price shall include the initial payment plus the amount of installments paid on the mortgage, exclusive of interest, plus all taxes paid and less one-third thereof to compensate the Government for administrative expenses.
(c) In the event that the owner shall not be satisfied with the valuation of the improvements as determined by the Executive Director of the Virgin Islands Housing Finance Authority, he shall give notice in writing thereof to the Executive Director of the Virgin Islands Housing Finance Authority within 15 days of the receipt of such valuation, and the valuation shall be determined thereafter by a majority vote of the three disinterested appraisers appointed by the District Court upon the application of either party, which valuation shall be final and binding on both parties.