Manner of payment of amount.

General196029 sections3 chapters

CEILING ON HOLDINGS AND VESTING AND ALLOTMENT OF EXCESS LAND

Statutory text

(1) The 1[amount] payable under section 10 shall be due on the date of the publication of the list in the Official Gazette under sub-section (3) of section 9 and may be paid in cash, in a lump sum or in instalments or in bonds.
(2) Where the 1[amount] is payable in bonds, the bonds may be made not transferable or transferable by endorsement or in any other manner but all such bonds shall be redeemed within such period, not exceeding ten years from the dare of issue, as may be prescribed.
(3) Where there is any delay in the payment of 1[amount] or where the 1[amount] is paid either in instalments or in bonds, it shall carry interest at the rate of two and a half per cent. per annum from the date on which it falls due.

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