Smith, Stainstreet and Company Limited (Acquisition and Transfer of Undertakings) Act,1977

Act No : 41

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Section : PAYMENT BY THE CENTRAL GOVERNMENT TO THE COMMISSIONER

SECTION 15: PAYMENT BY THE CENTRAL GOVERNMENT TO THE COMMISSIONER

(1) The Central Government shall within thirty days from the specified date, pay, in cash, to the Commissioner for payment to the Company -

(a) an amount equal to the amount specified in section 7-; and

(b) an amount equal to the amount payable to the Company under section 8-.

(2) A deposit account shall be opened by the Central Government in favour of the Commissioner in the Public Account of India, and every amount paid under this Act to the Commissioner, shall be deposited by him to the credit of the said 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 ensure to the said account.

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