Section 66A in U.P. Zamindari Abolition and Land Reforms Rules, 1952
66A. [ [Added by Notification No. 9959 I-A-1051-1956, dated 29.11.1956.]
(1)The compensation due to a waqf, trust or endowment shall be paid in the form of stock certificates, which shall be described as Zamindari Abolition Compensation Bond Stock Certificates, subject to the following extent:](a)In case of waqfs, trusts or endowments created-(i)before August 8, 1956, wholly for religious or charitable purpose, and(ii)on or after August 3, 1946, wholly for charitable purpose, the entire compensation, and(iii)before August 8, 1946, partly for religious and/or charitable purposes, and partly for other purposes, the portion of the compensation in respect of the religious and/or charitable purposes only.(b)In other cases as described in Rule 62.Explanation I. - The profits from any waqf, trust or endowed property or the portion of such profits used or intended to be used for or on the support of the founder or his family, or his or their descendants shall, notwithstanding anything contained in any law to the contrary, be deemed to be profits not used or intended to be used for a religious or charitable purpose.Explanation II. - A society registered under the Societies Registration Act, 1860, having for its object a charitable purpose is a trust for such purpose.(2)The stock certificates shall be issued for amounts in multiple of Rs. 50 and shall bear interest at the rate of 2½ per cent per annum from the date of vesting [except as provided in sub-rule (3) below.] [Added by Notification No. 3151-RS/I-A-Rev.(D)-21-D-55.](3)Interest on a stock certificate shall be paid annually on the completion of each period of twelve calendar months from the date of vesting :Provided that if one or more annual payments of interest have already fallen due before the delivery of the stock certificate, they shall be payable immediately after the delivery of the stock certificate to the waqf, trust or endowment:[Provided further that any amount paid to a waqf, trust or endowment on account of interim interest under Rule 55-B shall be adjusted by the Compensation Officer prior to the indenting of stock certificate under Rule 70, against interest for such number of whole years commencing from the date of vesting accruing on the amount of compensation payable in stock certificate as shall satisfy the amount of interim interest aforesaid. Any residual amount of interim interest, which cannot be adjusted against interest accruing on the amount of compensation payable in stock certificate in round number of years, shall be adjusted by deducting it from the compensation payable in cash under sub-rule (1) of Rule 75 and the interest payable on cash compensation under sub-rule (2) of Rule 75. The payment of annual interest on the stock certificate shall begin from after as many years from the date of vesting as the interest thereof is adjusted towards the interim interest aforesaid. The date from which the interest on the stock certificate will become payable shall be specified by the Compensation Officer on the indent to be made under Rule 70. The Public Debt Office, Lucknow, shall indicate this date on the stock certificate] [Added by Notification No. 3151-RS/I-A-Rev.(D)-21-D-55.](4)The principal of a stock certificate shall be paid on the expiry of 40 calendar years from the date of vesting :Provided that any stock certificate may be redeemed at an earlier date at the option of the Government.(5)The interest on a stock certificate shall be paid by warrants issued by the Public Debt Office, Lucknow, payable at any agency of the Reserve Bank of India conducting Government treasury business in Uttar Pradesh or at any treasury or sub-treasury within Uttar Pradesh, [or, if so expressly requested by the payee, remitted at the payee's risk and responsibility, by money order or by bank draft after making the usual deductions on account of remittance commission] [Substituted by Notification No. 532/I-A-533-63, dated 10.02.1964.].
