Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act : PAYMENT BY

Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act,1980

Act No : 58

Section : PAYMENT BY CENTRAL GOVERNMENT TO THE COMMISSIONER

SECTION 17: PAYMENT BY CENTRAL GOVERNMENT TO THE COMMISSIONER.

(1) The Central Government shall, within thirty days from the specified date. pay. in cash to the Commissioner, for payment to the Company- (a) an amount equal to the amount specified in section 8-: and (b) an amount equal to the amounts payable to the Company under section 9-.

(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) Interest accruing on the amounts standing to the credit of the deposit account referred to in sub-section (2) shall ensure to the said account.