Amount of compensation to be payable in transferable bonds

General19586 of 6 sections available

Statutory text

(1) The amount of compensation payable under the provisions specified in column 2 of the First Schedule hereto annexed of the Acts specified in column 1 thereof, shall be payable in transferable bonds carrying interest at the rate of three per cent. per annum from the date of the issue of such bonds and shall be repayable during a period of twenty years from the date of the issue of such bonds by equated annual instalments of principal and interest. The bonds shall be of such denominations and shall be in such forms as may be prescribed.
(2) Where compensation has been paid in non-transferable bonds under the provisions of section 7 of the Bombay Paragana and Kulkarni Watans (Abolition) Act, 1950, at any time before the date of the coming into force of this Act, the holder thereof shall be entitled to have such bonds converted into transferable bonds repayable and carrying interest as provided in sub-section
(1) within such period and in such manner as may be prescribed by rules made under this Act.

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