section 15
Payment by the Government to the Commissioner
The Madras Race Club (Acquisition and Transfer of Undertaking) Act, 1986Corporate198633 sections7 chapters
Chapter VI COMMISSIONER OF PAYMENTS
Statutory text
Payment by the Government to the Commissioner.—(1) The Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner, for payment to the club an amount equal to the amount determined under section 8.
- (2) A deposit account shall be opened by the 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 of the club 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 enure to the benefit of the club.
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