Indian Iron and Steel Company (Acquisition of Shares) Act : Payment by the Central Government to the

Indian Iron and Steel Company (Acquisition of Shares) Act,1976

Act No : 89

Section : Payment by the Central Government to the Commissioner.

6. Payment by the Central Government to the Commissioner. (1) The Central Government shall, within thirty days from the specified date 1*, pay, in cash, to the Commissioner, for payment to the shareholders of the Company,-- (a) an amount equal to the amount specified in sub-section (1) of section 4; and (b) an amount equal to the amount determined under sub- section (2) of section 4. (2) A deposit account shall be opened by the Central Government in favour of the Commissioner, in the Public Account of India, 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) 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 shareholders of the Company.