State Act

The Maharashtra Agricultural Lands (Ceiling on Holdings) Act, 1961

26. Mode of payment of amount of compensation.— (1) The amount of compensation may, subject to the provisions of sub-section (3), be payable in transferable bonds carrying interest at three per cent. per annum. (2) The bonds shall be— (a) of the following denominations, namely :— Rs. 50; Rs. 100; Rs. 200; Rs. 500; Rs. 1,000; Rs. 5,000 and Rs. 10,000; and (b) of two-classes-one being repayable during a period of twenty years from the date of issue by equated annual installment of principal and interest, and the other being redeemable at par at the end of a period of twenty years from the date of issue. It shall be at the option of the person receiving compensation to choose payment 2[in one or other class of bonds, or partly in one class and partly in another]. (3) Where the amount of compensation or any part thereof, cannot be paid in the aforesaid denomination, it may be paid in cash.