Payment by Government to the Commissioner.

Corporate198334 sections7 chapters

Chapter VI COMMISSIONER OF PAYMENTS

Statutory text

(1) The Government shall, within sixty days from the appointed day, pay in cash to the Commissioner, for payment to the Company—
- (a) an amount equal to the amount specified in sub-section (1) of section 7; and
- (b) an amount equal to the amount of interest determined in accordance with the provisions of sub-section (2) of that section.
(2) A deposit account shall be opened by the Government in favour of the Commissioner in the Public Account of the State and any amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner.
(3) Records shall be maintained by the Commissioner in respect of the undertakings of the Company in relation to which payment has been made to him under this Act.
(4) The interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall be credited to the

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