Manner of payment of act amount

Corporate197721 sections

Statutory text

(1) The Government shall appoint, by order in writing, a person having adequate knowledge and experience in matters relating to accounts, as Special Officer to assess the net amount payable under this Act by the Government to the licensee, after making the deductions mentioned in Section 7. (2) The Special Officer may call for the assistance of such Officers and staff of the Government or Board, or the undertaking as he may deem fit, in assessing the net amount payable. (3) The net amount due to the licensee under this Act shall be paid by the Government to the licensee within one year from the vesting date. Provided that this period may be suitably extended by the Government if the licensee fails to furnish or delays the furnishing of accounts, information, particulars or documents as mentioned in section 11. (4) The net amount payable shall bear simple interest at the rates of one per centum over the average of the Reserve Bank rates between the vesting date and the date of payment or tender of payment: Provided that no interest shall be payable during any extension of time granted under the proviso to sub-section (3). (5) Where the gross amount payable to the licensee is equal to or less than the total amount to be deducted under section 7, no payment shall be made to the licensee by the Government.

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