Cooking Coal Mines (Nationalisation) Act,1972
21. 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 owner of a Cooking coal mine or coke over plant, a sum equal to the sum specified against the Cooking coal mine or coke oven plant, as the case may be, in the First Schedule or the Second Schedule together with the amount and interest, if any, referred to in section 12-.
(2) In addition to the sum referred to in sub-section (1), the Central Government shall pay. in cash. to the Commissioner, such amount as may become due to the owner of a Cooking coal mine or coke over plant in relation to the period during which the management of the Cooking coal mine or coke oven plant remained vested in the Central Government 1[and simple interest at the rate off our per cent. per annum on such amount for the period commencing on the 1st day of April,1973 and ending on the date of payment of such amount to the Commissioner].
(3) The Commissioner shall open and operate an account in a scheduled bank in respect of each Cooking coal mine or coke oven plant.
(4) Every amount paid to the Commissioner shall be deposited to the credit of the account, referred to in sub-section (3), of the Cooking coal mine or coke oven plant to which the payment relates.
(5) Interest accruing on the amount standing to the credit of the account referred to in sub-section (3) shall endure to the benefit of the owner of the Cooking coal mine or coke oven plant, as the case may be 1[and shall also be payable to the Commissioner in addition to the sum referred to in sub-section (1)].
(6) References in this section to the owner of a Cooking coal mine shall, in relation to a group of Cooking coal mines specified in the first Schedule, be construed as references to the owner of that group of Cooking coal mines.
1. Inserted by the Coal Mines Nationalisation Laws (Amendment) Act (57 of 1986), S. 7 (w.r.e.f. 1-5-1972).