(1) The occupier of a factory [or owner of a khandasari unit] shall make suitable provision to the satisfaction of the Cane Commissioner for the payment of the price of cane supplied to the factory.
(2) Upon the delivery of cane, the occupier of a factory [or owner of a khandasari unit] shall be liable to pay within fourteen days from the date of such delivery the price of the cane so supplied.
[(2-A) The price of the cane remaining unpaid, on the expiration of the period specified in sub-section (2) shall carry interest at fifteen percent per annum from the date of delivery of cane and it shall be recovered as an arrear of land revenue.]
(3) [If any occupier of a factory or the owner of a khandasari unit fails to pay the price of the cane sold to him in accordance with the provisions of sub-section (2) or the interest payable under sub-section (2-A), he shall, in addition to the said price or the interest] being recovered from him as an arrear of land revenue, be liable to the penalty provided for under clause (b) of sub-section (4) of section 3 of the Essential Commodities Act, 1955 (Central Act 10 of 1955), as if he has contravened a direction issued under that clause.
[(4) Without prejudice to the provisions of the foregoing sub-sections, where the occupier of a factory or the owner of a khandasari unit or any other person competent in that behalf, enters into an agreement with a bank under which the bank agrees to give advance to him on the security of sugar produced or to be produced in the factory or khandasari unit, the said occupier, owner or other person, as the case may be shall provide in such agreement that such percentage, which shall not be less than fifty per cent of the total amount of advance, as may be prescribed, shall be set apart and be available only for payment to cane growers or other co-operative societies on account of the quantity of sugarcane purchased or to be purchased for the factory or khandasari unit during the current crushing season from those cane growers or from or through those societies and interest thereon and such societies, commission in respect thereof.
(5) Every such occupier, owner or other person as aforesaid shall send a copy of every such agreement to the Collector and Cane Commissioner within a week from the date on which it is entered into.]