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[Cites 0, Cited by 0] [Section 7] [Entire Act]

State of Odisha - Subsection

Section 7(7) in The Orissa Kendu Leaves (Control of Trade) Rules, 1962

(7)
(a)The agent so appointed for a particular unit shall, before signing the agreement, deposit as security for the proper execution and performance of agency in accordance with the terms and conditions of the agreement and the provisions of the Act and these Rules a sum to be calculated as under-
X - Purchase rate per standard bag accepted by the Government for the unit.Y - Cost of collection per standard bag fixed for the unit. Z-Number of standard bags of Kendu leaves mentioned against the unit in notice under Sub-rule (1).A - Security deposit.
A =| 5Z (X - Y)100
i.e. five per cent of the difference between the aforesaid purchase rate per bag and the aforesaid cost collection per bag multiplied by the aforesaid number of bags.The security shall, either wholly or in part, as the case may be, be adjusted by the Divisional Forest Officer towards the recovery of the penalty, if any, for short collection of leaves compensation; damages or any other dues which may be recoverable under the provisions or the agreement, Rule and the Act and shall such deductions shall have to be made good by the agent by the deposit of an equivalent amount within fifteen days of the receipt of the notice to that effect.
(c)If the dues to be recovered exceed the amount of the security deposit, the amount from, in excess shall, unless made good within fifteen days from the date of the Divisional Forest Officer's notice to that effect, be recoverable as arrear of land revenue.
(d)The security or the balance, as the case may be, shall be, refunded to the agent after the expiry of the agency.