Section 16 in Karnataka Co-Operative Textile Mills (Acquisition and Transfer) Act, 1986
16. Payment by the Government to the Commissioner.
(1)The Government shall within thirty days from the specified date deposit in cash with the Commissioner for payment to the lessor, lessee [owner of land and other interested persons] [Substituted by Act 20 of 2005 w.e.f. 30.06.1986],-(a)an amount equal to the amount specified in section 9; and(b)an amount equal to the amount payable under section 10.(2)A deposit account shall be opened by the 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)Records shall be maintained by the Commissioner in respect of the mills in relation to which payments have been made to him under this Act.(4)The interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall ensure to the benefit of the lessor, lessee [owner of land and other interested persons.] [Substituted by Act 20 of 2005 w.e.f. 30.06.1986]
