Coal Mines (Nationalisation) Act : Payment of further amount. Indian Bare Acts :

Coal Mines (Nationalisation) Act,1973

Act No : 26

Section : Payment of further amount.

9. Payment of further amount. (1) In consideration of the retrospective operation of the provisions of sections 3, 4 and 5, there shall be given by the Central Government, in cash, to the owner of every coal mine or group of coal mines specified in the Schedule, an amount equal to the amount which would have been, but for the provisions of the said sections 3, ---------------------------------------------------------------------- 1 Renumbered by Act 57 of 1986, s. 13 (w.e.f. 1-5-1973). 2 Ins. by s. 13, ibid. (w.e.f. 1-5-1973). 339 4 and 5, payable to such owner under the Coal Mines (Taking Over of Management) Act, 1973 (15 of 1973), for the period commencing on the 1st day of May, 1973, and ending on the date on which this Act receives the assent of the President. (2) In addition to the amount referred to in sub-section (1), there shall be given by the Central Government, in cash, to the owner of every coal mine or group of coal mines specified in the Schedule, simple interest at the rate of four per cent. per annum on the amount specified against such owner in the corresponding entry in the fifth column of the Schedule for the period commencing on the date on which this Act receives the assent of the President and ending on the date on which payment of such amount is made by the Central Government to the Commissioner. (3) The amounts referred to in sub-section (1) and sub-section (2) shall be in addition to the amount specified in the Schedule.