Payment of amount.

For the transfer to, and vesting in, the State Government under section 3, of the undertaking and the right, title and interest of the proprietors in relation to the undertaking, there shall be paid by the State Government to the proprietors, in cash, and in the manner specified in Chapter VI, an amount of rupees six crores and ten lakhs : Provided that, where any liability of the proprietors specified in the Schedule is discharged by the State Government or the Corporation according to the order of the priorities mentioned in the Schedule, the amount to be paid to the proprietors under this section shall stand reduced to that extent.