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Section 14 – The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

Section 14. 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 every tea company,-

(a) An amount equal to the amounts or amount specified against the name of that company in column (4) of the First Schedule ; and

(b) A further amount equal to the amounts or amount specified against the name of that company in column (5) of the First Schedule.

(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 same deposit account shall be operated by the Commissioner.

(3) Separate records shall be maintained by the Commissioner in respect of each of the tea companies in relation to which payment has been made to him under this Act.

(4) Interest accruing on the amount in relation to a tea company standing to the credit of the deposit account referred to in sub-section (2) shall ensure to the benefit of such tea company.

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The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

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