Mode of payment of compensation.

Subject to provisions of the next succeeding section, the amount of compensation payable under this Part shall be payable in cash, if it does not exceed one thousand rupees. Where such amount exceeds one thousand rupees, the first one thousand rupees shall be payable in cash, and the remaining amount may be payable in transferable bonds, which shall carry interest at the rate of three per cent. per annum from the date of issue of the bonds repayable by equated annual instalments of principal and interest within a period of twenty years from that date. The bonds shall be of such denomination and shall be in such form as may be prescribed.