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Payment by the State Government to the Commissioner. | Pulgaon Cotton Mills Limited (Acquisition of Shares) Act, 1982 | LAWGIST

Pulgaon Cotton Mills Limited (Acquisition of Shares) Act, 1982

ACQUISITION OF SHARES OF THE COMPANY

Payment by the State Government to the Commissioner.

§6

Summary

(1) The State Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner, for payment to the shareholders of the Company- (a) an amount equal to the amount specified in sub-section (1) of section 4, and (b) an amount equal to the amount determined under sub-section (2) of section 4. (2) A deposit account shall be opened by the State 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) 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 shareholders of the Company.

<span style="margin-left:15px;"></span>(<i>1</i>) The State Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner, for payment to the shareholders of the Company-<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(<i>a</i>) an amount equal to the amount specified in sub-section (<i>1</i>) of section 4, and<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>(b)</i> an amount equal to the amount determined under sub-section (<i>2</i>) of section 4.<br> <span style="margin-left:15px;"></span>(<i>2</i>) A deposit account shall be opened by the State 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.<br> <span style="margin-left:15px;"></span>(<i>3</i>) The interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (<i>2</i>), shall ensure to the benefit of the shareholders of the Company.<br> <br>

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Explore this Chapter

§3
Transfer and vesting of shares of the Company in the State Government.
§4
Payment of amounts.
§5
Appointment of Commissioner of Payments.
§6
Payment by the State Government to the Commissioner.
§7
Claims to be made to the Commissioner.
§8
Examination of claims.
§9
Admission or rejection of claims.
§10
Disbursement of money by the Commissioner to claimants.
§11
Undisbursed or unclaimed amount to be deposited to the general revenue account.