35. Payment of annual instalments of the principal and interest on Bonds.
(1)The Bonds shall be payable in forty equal annual instalments to the person named therein or his duly authorised agent or transferee and shall carry interest at the rate of 2 ½ per centum per annum from the date of issue on that part of the principal which has not become payable. No interest shall be payable on any amount of the principal beyond the date on which its payment fell due, even though the amount is not realised by the holder of the Bonds.(2)[(i) Payees receipt - Form N(14) - Register of payment of annual instalments of the principal and interest on Bonds payable at ......... Treasury, Form N(15). - The annual instalment of the principal together with the interest due under Rule 35(1) on a bond shall be payable on presentation of the bond at Treasury/Sub-Treasury in the State of Bihar at which the Bond is enfaced for payment of such instalment and interest. The payee concerned shall give a proper receipt for such payment in Form N(14) and the particulars thereof shall be entered in Register of payment of annual instalments of the principal and interest on Bonds payable at....Treasury in Form I(15)(ii)Register of Bihar Zamindari Abolition Compensation Bonds enfaced for payment of annual instalments of principal and interest at the ........... Treasury .......... District Form N (15-A). For the purpose of recording enfacements, the Treasury/Sub-Treasury Officer will also maintain a separate register, viz., Register of Bihar Zamindari Abolition Compensation Bonds enfaced for payment of annual instalments of principal and interest at the........Treasury....District in Form N(15-A).][Before making payment of any instalment and interest to a compensation bond-holder, his duly authorised agent or a transferee, the Treasury/Sub-Treasury Officer shall satisfy himself that the requirements laid down in the Government Securities Manual (Third Edition) as regards payment of interest have been fully complied with.This register Form N(15-A) should have the appropriate quality of paper and cover to enable it to be preserved for forty years and should be a well-bound register with machine numbered pages. As and when vouchers in Form N (14) are passed by the Treasury Officer for making payment of annual instalments: Entries shall be made by him in the relative annual instalment column under his initials which shall be dated by him.] [Substituted by Notification No. 339 L.R. dated 14.1.1960.](3)[ In order to prevent erroneous payment of instalments on principal and interest on a Bond not enfaced for payment at the particular treasury specified in the bond, special care should be exercised in the maintenance of register Form N (15-A). When a bound is transferred for payment to another treasury, the Treasury Officer will at once note the fact in column 1 of register in From N(15-A) and shall not thereafter pay instalment on such bond.] [Substituted by Notification No. 339 L.R. dated 14.1.1960.]
