Jute Companies (Nationalisation) Act : PAYMENT OF FURTHER AMOUNT Indian Bare Acts :

Jute Companies (Nationalisation) Act,1980

Act No : 62

Section : PAYMENT OF FURTHER AMOUNT

SECTION 08: PAYMENT OF FURTHER AMOUNT

(1) Every jute Company shall be given by the Central Government, for the deprivation of the management of its undertakings an amount of rupees ten thousand per annum for the period commencing on the date on which the management of the undertakings of that Company was taken over in pursuance of the order made by the Central Government under the provisions of the Industries (Development and Regulation) Act, 1951-and ending on the appointed day.

(2) Every amount specified in the First Schedule or calculated in accordance with the provisions of sub-section (1) shall carry simple interest at the rate of four per cent. per annum for the period commencing on the appointed day and ending on the date on which the payment of such amount is made by the Central Government to the commissioner.

(3) The amounts determined in relation to any jute Company in accordance with the provisions of sub-sections (1) and (2) shall be given by the Central Government to the jute Company in addition to the amount specified in the First Schedule against that Company.