Payment by State Government to Commissioner

Corporate198426 sections

Statutory text

(1) The State Government shall, within thirty days from the specified date, pay in cash to the Commissioner, for payment to the proprietors,—
- (a) an amount equal to the amount specified in section 7; and
- (b) an amount equal to the amount payable to the proprietors under section 8.
(2) A deposit account shall be opened by the State Government in favour of the Commissioner in the Public Account of the State, and every 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 undertaking 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 ensure to the benefit of the proprietors.

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