Section 16 in The National Iron And Steel Company Limited (Acquisition And Transfer Of Undertakings) Act, 1984
16. Payment by State Government to the Commissioner. -
(1)Subject to the provisions of sub-section (4) of section 9, the State Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner for payment to the Company,-(a)the first instalment of the amount specified in section 8, and(b)the first instalment of the amounts payable to the Company under section 9:Provided that twelve months shall not intervene between the date of payment of one instalment and the date of payment of the next instalment.(2)A deposit account shall be opened by the State Government in favour of the Commissioner in the Public Account of the State, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner.(3)Interest accruing on the amounts standing to the credit of the deposit account referred to in sub-section (2) shall enure to the said account.
