Payment of amount.

(1) On the vesting of the right to the minerals in any land under section 3, the person entitled to the right to the minerals immediately before such vesting shall be paid annually, in the manner prescribed, an amount equal to ten per cent of the annual contract money, or of royalty or dead rent whichever is higher, payable to the State Government on the minerals raised in a year; as the case may be, for a period of ten years with effect from such vesting : Provided that if no contract or lease is given or the lessee does not raise the minerals for any period, no amount shall be paid for that period and the aforesaid period of ten years shall be deemed to have been extended by that period : Provided further that the payment of the amount shall commence after the expiry of one year from the date of commencement of the period of contract or lease, as the case may be. Explanation.— If the State Government exploits the minerals itself, the royalty or dead rent whichever is higher shall be calculated as if the State Government is the lessee. (2) The Collector shall announce in the manner prescribed an order specifying the person or persons to whom the amount shall be paid. (3) If there is any dispute as to the person or persons who are entitled to the payment of amount, the Collector shall by an order decide the dispute and if he finds that more than one person are entitled to the amount he shall apportion the amount among such persons.