Section 26 in The Maharashtra Agricultural Lands (Ceiling on Holdings) Act, 1961
26. Mode of payment of amount of compensation.
(1)The amount of compensation may, subject to the provisions of subsection (3), be payable in transferable bonds carrying interest at three per cent per annum.(2)The bonds shall be-(a)of the following denominations, namely :-Rs. 50; Rs. 100; Rs. 200, Rs. 500; Rs. 1,000; Rs. 5,000; and Rs. 10,000; and(b)of two classes - one being repayable during a period of twenty years from the date of issue by equated annual instalment or principal and interest, and the other being redeemable at par at the end of a period of twenty years from the date of issue. It shall be at the option of the person receiving compensation choose payment [in one or other class of bonds, or partly in one class and partly in another] [These words were substituted for the words 'in one of such class of bonds' by Maharashtra 9 of 1963, Section 5.],(3)Where the amount of compensation or any part thereof, cannot be paid in the aforesaid denomination, it may be paid in cash.
