72I. [ Determination and payment of balance compensation. [Substituted by Act No. 35 of 1969.]
(1)Every landowner or intermediary shall, as soon as may be after the determination of the compensation in respect of all holdings held by cultivating tenants under him and in respect of which the right, title and interest of the landowner and intermediaries have vested in the Government, apply to the Land Board for the determination and payment of the compensation due to him after deducting the amount referred to in Sub-section (1) of Section 72H.(2)An application under Sub-section (1) shall be in such form and shall contain such particulars as may be prescribed.(3)On receipt of an application under Sub section (1), the Land Board shall make such enquiries as may be prescribed and after giving the applicant an opportunity of being heard determine the amount of compensation due to the applicant after deducting the amount referred to in Subsection (1) of Section 72H:[Provided that where the amount of compensation mentioned in the application as due to the applicant is not more than the amount of compensation determined by the Land Board it shall not be necessary 10 give the applicant an opportunity of being heard.](4)Subject to such rules as may be made by the Government in this behalf, the amount of compensation determined under Sub-section (3) shall be paid either in cash or in negotiable bonds redeemable after sixteen years and carrying interest at the rate of four and half percent per annum with effect from the date of such determination, or partly in cash and partly in such bonds.(5)Where the compensation is proposed to be paid in cash, it shall be payable in eight equal annual instalment with interest at the rate of four per cent per annum on the instalment in default, the first instalment being payable [before the date of expiry] [Substituted by Act No. 27 of 1979.] of one year from the date of determination of the amount of compensation under Subsection (3).](5A)[ Notwithstanding anything contained in Sub-section (4) or Sub-section (3):(a)Where the cultivating tenant has opted to pay the purchase price payable by him under Section 72L in a lump, or(b)where the landowner or the intermediary is a small holder and the amount of compensation in respect of all holdings held by cultivating tenants under him does not exceed five thousand rupees,the amount, of compensation determined under sub-section (3) shall be paid in cash in lump within one year from the date of such determination and if not so paid shall bear interest at the rate of four percent per annum from the date Lit expiry of that period.(6)The provisions of Sub-sections (8), (9) and (10) of Section 72H shall, so far as may be, apply to the payment of the amount of compensation determined under Sub-section (3).] [Substituted by Act No. 15 of 1976.]
