State Act
11
Section 11. Amount of compensation to be payable in transferable bonds.
The Maharashtra Service Inams (Useful to Community) Abolition Act.
Act no. 70 of 19531953In forceMaharashtra (State Act)
11. Amount of compensation to be payable in transferable bonds.— The amount of compensation payable under the provisions of this Act shall be payable in transferable bonds carrying interest at the rate of three per cent. per annum from the date of the issue of such bonds and shall be repayable during a period of twenty years from the date of the issue of such bonds by equated annual instalments of principal and interest. The bonds shall be of such denominations and shall be in such forms as may be prescribed.