Section 37 in The Bihar Land Reforms (Fixation of Ceiling Area and Acquisition of Surplus Land) Rules, 1963
37. Payment of equated annual instalments of the principal and the interest of Bonds.
(1)The Bonds shall be payable in thirty equated annual instalments representing the principal and the interest at 2 ½ percent per annum with effect from the date of issue to the person named therein or his duly authorised agent or transferee.(2)The equated annual instalment representing the principal and the interest 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. The payee concerned shall give a proper receipt, for such payment in Form LCN (14) and the particulars thereof be entered in a register of payment in Form L.C.N. (15).(3)Register of Bihar Ceiling and Acquisition of Surplus Land Compensation Bonds enforced for payment of equated annual instalments representing principal and interest at the ...... Treasury .............. District Form LCN (15-A) - For the purpose of recording enfacements, the Treasury/ Sub-Treasury Officer will also maintain a separate register, viz, Register of Bihar Ceiling and Acquisition of Surplus Land Compensation Bonds enfaced for payments of annual instalments at the Treasury District in Form LCN (15-A). This Register should have the appropriate quality of paper and cover to enable it to be preserved for thirty years and should be a well bound register with machine numbered page. As and when vouchers in Form LCN (14) are passed by the Treasury Officer for making payments of annual instalments, entries shall be made by him in the relative annual instalments column under his initials which shall be dated by him.(4)Before making payment of any instalment and interest to a compensation land-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.(5)In order to prevent erroneous payment of instalment of Bonds not enfaced for payment at the particular Treasury specified in the bond, special care should be exercised in the maintenance of register in Form LCN (15-A). When a bond is transferred for payment to another Treasury, the Treasury Officer will at once note that fact in Column 12 of the register in Form LCN (15-A) and shall not thereafter pay any instalment of such Bonds.
