Grantees and lessees to pay current seigniorage rates.

General198014 sections

Statutory text

(1) Notwithstanding anything contained in any law for the time being in force, or in any grant, lease deed, contract or agreement, or in any judgment, decree or order of any court, with effect on and from the commencement of this Act, every grantee and every lessee shall be bound to pay to the Government the seigniorage rates in force for the time being for the timber cut and removed from any land held by him under the grant or lease.
(2) If any dispute arises as to the seigniorage rates for the time being in force, such dispute shall be decided by the Collector.

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