67. [ Payment of annuity. [Substituted by Act No. 35 of 1969.]
- The Government shall pay the annuity payable to the institution every year in perpetuity on such date or dates and in such manner as may be prescribed:Provided that no annuity in respect of a holding shall be paid if the purchase price in respect of that holding has been paid, or deposited in pursuance of Sub-section (8) of Section 63:Provided further that where the right, title and interest of the institution are subject to any encumbrance on the date on which such right, title and interest have vested in the Government:-(i)the value of the encumbrance shall be paid to the holder of the encumbrance; and(ii)five per sent of the value of the encumbrance shall be deducted from the annuity and the balance, if any, alone shall be paid to the institution;Provided also that where the value of the encumbrance is more than sixteen times the annuity:-(i)if there is only one encumbrance, sixteen times the annuity shall be paid to the holder of the encumbrance; and(ii)if there are more than one encumbrance, sixteen times the annuity shall be paid to the holders of the encumbrances in their order of priority,and in either case, no amount by way of annuity shall be payable to the institution.]
