Lawgist6Appointment of Commissioner of Payments
(1) The Central Government shall, for the purpose of disbursing the amounts payable to shareholders of the Company under section 5, by notification, appoint a Commissioner of Payments.
(2) The Central Government may appoint such other persons as it may think fit to assist the Commissioner and thereupon the Commissioner may authorise one or more of such persons also to exercise all or any of the powers exercisable by him under this Act, and different persons may be authorised to exercise different powers.
(3) Any person authorised by the Commissioner to exercise any of the powers exercisable by the Commissioner may exercise those powers in the same manner and with the same effect as if they have been conferred on that person directly by this Act, and not by way of authorisation.
(4) The salaries and allowances of the Commissioner and other persons appointed under this section shall be defrayed out of the Consolidated Fund of India.
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- 3 Transfer and vesting of shares of the Company in the Central Government
- 4 Management of the Company
- 5 Payment of amounts
- 6 Appointment of Commissioner of Payments
- 7 Payment by the Central Government to the Commissioner
- 8 Claims to be made to the Commissioner
- 9 Examination of claims
- 10 Admission or rejection of claims
- 11 Disbursement of money by the Commissioner to claimants
- 12 Undisbursed or unclaimed amount to be deposited to the general revenue account
- 13 Power of inspection
- 14 Power of Commissioner to inquire into disputes as to amount
- 15 Deposit of amount in court
