Section 9 in Tamil Nadu Fleet Operators Stage Carriages (Acquisition) Act, 1971
9. Manner of payment of compensation.
(1)The amount of compensation determined under section 5 shall, [after the deduction, if any, made under this Act,] [Inserted by section 4 of the Tamil Nadu Fleet Operators Stage Carriages (Acquisition) Amendment Act, 1972 (Tamil Nadu Act 30 of 1972), which was deemed to have come into force on the 7th December 1971.] be given by the Government to the person interested at his option, -(a)in cash (to be paid by cheque drawn on the Reserve Bank) in three equal annual instalments, the amount of each instalment carrying interest at the rate of six per cent per annum from the notified date, or(b)in saleable or otherwise transferable promissory notes or stock certificates of the Government Issued and repayable at par, and maturing at the end of -(i)ten years from the notified date and carrying interest from such date at the rate of six and a half per cent per annum, or(ii)thirty years from the notified date and carrying interest from such date at the rate of seven and a half per cent per annum, or(c)partly in cash (to be paid by cheque drawn, on the Reserve Bank) and partly in such number of securities specified in sub-clause (i) or sub-clause (ii), or both of clause (b), as may be required by the person interested, or(d)partly in such number of securities specified in sub-clause (i) of clause (b) and partly in such number of securities specified in sub-clause (ii) of that clause, as may be required by the person interested.(2)The first of the three equal annual instalments referred to in clause (a) of sub-section (1) shall be paid, and the securities referred to in clause (b) of that sub-section shall be issued, within sixty days from the date of receipt by the Government of the option referred to in that sub-section, or where no such option has been exercised, from the latest date before which such option ought to have been exercised.(3)The option referred to in sub-section (1) shall be exercised by the person interested before the expiry of a period of three months from the notified date (or within such further time, not exceeding three months, as the Government may, on the application of the person interested, allow) and the option so exercised shall be final and shall not be altered or rescinded after it has been exercised.(4)Any person interested who omits or fails to exercise the option referred to in sub-section (1), within the time specified in sub-section (3), shall be deemed to have opted for payment in securities specified in sub-clause (i) of clause (b) of sub-section (1).(5)Notwithstanding anything contained in this section, any person interested may, before the expiry of three months from the notified date (or within such further time, not exceeding three months, as the Government may, on the application of the person interested, allow) make an application in writing to the Government for an interim payment of an amount equal to twenty-five per cent of the amount of compensation as roughly estimated in the manner prescribed, indicating therein whether the payment is desired in cash or in securities specified in sub-section (1), or in both.(6)The Government shall, within sixty days from the receipt of the application referred to in sub-section (5), make the interim payment to the person interested in accordance with the option indicated in such application.(7)The interim payment to a person interested under sub-section (6) shall be set off against the total amount of compensation payable to such person interested under this Act and the balance of the compensation remaining outstanding after such payment shall be given to the person interested in accordance with the option exercised, or deemed to have been exercised, under sub-section (3) or sub-section (4), as the case may be:Provided that where any part of the interim payment is obtained by a person interested in cash, the payment so obtained shall be set off, in the first instance, against the first instalment of the cash payment referred to in sub-section (1) and in case the payment so obtained exceeds the amount of the first instalment, the excess amount shall be adjusted against the second instalment and the balance of such excess amount, if any, against the third instalment of the cash payment.
