Interim payment of compensation

(1) The compensation for the acquisition of estate under this Act shall be due as from the date of vesting and shall carry interest at the rate of two and a half per centum per annum from the date of vesting to the date of payment. (2) Where under the provisions of sub-section (3) of section 37 the first annual payment is not made within the period of one year from the date of vesting, the Collector shall, Subject to such restrictions and conditions as to security, repayment or otherwise as may be prescribed make payment to each such Intermediary of interim compensation in annual instalments each equal to one-thitieth of the estimated amount of compensation: Provided that where in the opinion of the Collector the default in submission of records and documents, as are required of an Intermediary under the provisions of this Act, has caused delay in the determination of the compensation in respect of such estate the Collector in his discretion may subject to the control of the Board of Revenue refuse, suspend or stop payment of such interim compensation to such Intermediary. (3) Where the first payment of perpetual annuity payable under the provisions of clause (2) of section 28 is not made within a period of one year from the date of vesting the Collector shall, subject to such restrictions and conditions as to security, repayment or otherwise, as may be prescribed, make payment to the trustee Intermediary of an interim annuity equivalent to seventy-five per centum of the approximate amount of the perpetual annuity aforesaid to be calculated in the prescribed manner. (4) The payment of such instalments shall commence at the end of one year from the date of vesting and shall continue till the compensation payable under the Act is determined and paid in accordance with the provisions of sub-section (3) of section 37. (5) The interim compensation so paid shall be deemed to be a part of the compensation payable under this Act and shall be deducted from and adjusted against it.