Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act,1980

Act No : 67

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Section : PAYMENT BY THE CENTRAL GOVERNMENT TO THE COMMISSIONER

SECTION 14: PAYMENT BY THE CENTRAL GOVERNMENT TO THE COMMISSIONER

(1) The Central Government shall, within thirty days from the specified date1pay. in cash to the Commissioner, for payment to the Company the amounts specified in 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 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 undertakings of the Company and the shares held by it in the specified companies, in relation to which payment has been made to him under this Act.

(4) The interest accrued on the amount standing to the credit of the deposit account referred to in sub-section (2) shall enure to the benefit of the company.

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