Payment of Oil Palm price

(1) The occupier or owner of an Oil Palm factory shall make provision to the satisfaction of the Oil Palm Commissioner for the payment of the price palm FFB supplied to the factory. (2) Upon the delivery of oil palm FFB, the occupier or owner of a factory shall be liable to pay within fourteen days from the date of such delivery the price of the oil palm FFB so supplied. (3) The price of the oil palm FFB remaining un-paid on the expiration of the period specified in sub-section (2) shall carry interest at fifteen per cent per annum from the date of delivery of oil palm FFB and it shall be recovered as if it were an arrear of land revenue. (4) Without prejudice to the provisions of the foregoing sub-sections, where the owner or occupier of a factory or any other person competent in that behalf, enters into an agreement with a bank under which the bank agrees to give advance to him on the security of palm oil produced or to be produced in the factory, the said occupier, owner or other person, as the case may be, shall provide in such agreement that such percentage, which shall not be less than fifty percent of the total amount of advance as may be prescribed, shall be set apart and be available only for payment to oil palm growers or other co-operative societies on account of the quantity of oil palm FFB purchased or to be purchased for the factory from those oil palm growers upfront or through those societies. (5) Every such occupier, owner or other person as aforesaid shall send a copy of every such agreement to the Oil Palm Commissioner within one week from the date on which it is entered into.