Futwah-Islampur Light Railway Line (Nationalisation) Act : PAYMENT OF AMOUNT Indian Bare Acts :

Futwah-Islampur Light Railway Line (Nationalisation) Act,1985

Act No : 83

Section : PAYMENT OF AMOUNT

SECTION 06: PAYMENT OF AMOUNT

(1) For the transfer to, and vesting in, the Central Government, under Section 3-, of the right, title and interest of the Company in relation to its undertakings, there shall be paid in cash by the Central Government, before the expiry of a period of three months from the appointed day to the Company, an amount equal to a sum of nineteen lakhs twenty-nine thousand five hundred and forty-two rupees.

(2) Notwithstanding anything contained in sub-section (1), out of the amount referred to in that sub-section, the Central Government shall deduct, in the first instance, any amount due from the Company to that Government and the State Rank of Travancore constituted under Section 3 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959)and the liability of that Company shall, to the extent of such deductions, stand discharged and such deductions shall have priority over all other debts, secured or unsecured.