Metal Corporation (Nationalisation and Miscellaneous Provisions) Act : TIME OF PAYMENT Indian Bare Acts :

Metal Corporation (Nationalisation and Miscellaneous Provisions) Act,1976

Act No : 100

Section : TIME OF PAYMENT

SECTION 12: TIME OF PAYMENT

(1) The amount determined under section 10-, and the amount payable under section 11-, shall be given by the Central Government to the Metal Corporation before the expiry of a period of three months from the appointed day (hereafter referred to as the specified period).

(2) The amount referred to in subjection (1) shall, if not paid before the expiry of the specified period, carry simple interest at the rate of four per cent. per annum for the period commencing on the date of expiry of the specified period and ending on the date on which payment of such amount is made by the Central Government to the Metal Corporation:

Provided that no interest shall run from the date on which the amount is tendered to the Metal Corporation if the amount so tendered is not accepted by it.