Section 74(4) in Tamil Nadu Town and Country Planning Act, 1971
(4)The option referred to in sub-section (3) shall, subject to the provisions of section 75, be exercised by such person or persons concerned before the expiry of a period of one month from the date of communication of the order relating to the payment of compensation and the option so exercised shall be final and shall not be altered or rescinded after it has been exercised. Any person who omits or fails to exercise the option referred to in sub-section (3) within the time specified above shall be deemed to have opted for payment in securities and stock certificates referred to in clause (b) of sub-section (3). The amount of compensation payable in instalments shall be paid and the securities and the stock certificates referred to in clause (b) of sub-section (3) shall be issued within two months from the date of receipt by the appropriate planning authority of the option referred to above or where no such option has been exercised from the date before which such option ought to have been exercised.
