Section 8
Payment of further amounts.(1) The amount specified in section 7 shall carry simple interest at the rate of four percent per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the State Government to the Commissioner.
8. Payment of further amounts.(1) The amount specified in section 7 shall carry simple interest at the rate of four percent per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the State Government to the Commissioner.
(2) The amount determined in accordance with the provisions of sub-section (1) shall be given by the State Government to the owners, transferees and such other persons entitled thereto, as the case may be, in addition to the amount specified in section 7.
(3) For the removal of doubts it is hereby declared that the liability of the owners or transferees in relation to the Estate which has vested in the State Government under section 3 shall be discharged from out of the amount referred to
in section 7 and also from out of the amounts determined under sub -section (1) in accordance with the rights and interest of the creditors of the owners or transferees, as the case may be.
CHAPTER III
MANAGEMENT OF THE ESTATE
Management of the Estate.The general superintendence, direction, control and management of the Estate, the right, title and interest in relation to the Estate which has vested in the State Government under section 3 shall where a direction has been made by the State Government under sub-section (1) of section 6, vest in the Board and thereupon the Board shall be entitled to exercise, to the exclusion of all other persons all such powers and do all such things as the Board is authorised to exercise and do in relation to the Estate.
Duties of persons in-charge of management of the Estate.- (1) On the vesting of the management of the Estate in the Board all persons incharge of the management of the Estate immediately before such vesting shall be bound to deliver to the Board all assets, books of accounts, registers or other documents in their custody relating to the Estate.
The State Government may issue such directions as it may deem desirable in the circumstances of the case to the Board and the Board may also, if it is considered necessary so to do, apply to the State Government at any time for conducted in relation to any other matter arising in the course of such management.
necessary steps for securing possession of the Estate which has vested in the State Government or the Board under this Act.
instructions as to the manner in which the management of the Estate shall be 11. Duty of persons to account for assets. etc., in their possession.- (1) Any person who has, on the appointed day, in his possession or under his control, any assets, books, documents and other paper relating to the Estate which has vested in the State Government or in the Board under this Act and which belong to the owners or transferees or would have so belonged if the Estate had not vested in the State Government or the Board shall be liable to account for the said assets, books, documents and other papers to the State Government or the Board or such person or persons as the State Government or the Board may specify in this behalf. The State Government or the Board may take or cause to be taken all
The owners or transferees, as the case may be, shall, within such period as the State Government may allow in this behalf, furnish to the State Government a complete inventory of all properties and assets, as on the appointed day, pertaining to the Estate which has vested in the State Government under section 3, and for this purpose, the State Government or the Board shall afford to the owners or transferees all reasonable facilities.
CHAPTER IV
COMMISSIONER OF PAYMENTS
Appointment of Commissioner of payments.(1) The State Government shall, for the purpose of disbursing the amount payable under section 7 and 8 by notification in the Official Gazette appoint a Commissioner of payments.
The State 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.
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(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 the State. 13. Payment by the State Government to the Commissioner.(1) The State Government shall within thirty days from the specified date, deposit, in cash, with the Commissioner, for payment to the owners or transferees and other interested persons,(a) an amount equal to the amount specified in section 7; and (b) an amount equal to the amount payable under section 8. (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 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 Estate in relation to which payments have been made to him under this Act. (4) The interest accruing on the amount standing to the credit of the deposit account referred to in sub -section (2) shall enure to the benefit of the owners, transferees and other interested persons. 14. Certain powers of the State Government and the Board.(1) The State Government or the Board, as the case may be, shall be entitled to receive upto the appointed day to the exclusion of all other persons any money due in respect of the Estate which has vested in the State Government or the Board, and realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day. (2) The State Government or the Board, as the case may be, may make a claim to the Commissioner with regard to every payment made by the State Government or the Board after the appointed day for discharging any liability of the owners or transferees in relation to the Estate, in respect of any period prior to the appointed day and every such claim shall have priority in accordance with the priorities attached under this Act to the matters in relation to which such liability has been discharged by the State Government or the Board. (3) Save as otherwise provided in this Act, the liabilities of the owners or transferees in relation to the Estate in respect of any transaction prior to the appointed day which have not been discharged on or before the appointed day shall be the liabilities of the owners or transferees as the case may be. 15. Claims to be made to the Commissioner. -Every person having a claim with regard to any of the matters specified in Schedule II in relation to the Estate before the appointed day shall prefer such claim before the Commissioner within thirty days from the specified date: Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of thirty days, he may entertain the claim within a further period of thirty days and not thereafter.
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