(1) In the case of the taking over of the management and control of the undertaking of the Company, the State Government shall pay to the Company the amount of the compensation determined under section 8 in cash—
(a) in respect of the period prior to the date of the award, within sixty days from the date of the award made by the Tribunal, or, as the case may be, from the date of the order of the High Court in the case of an appeal, and
(b) thereafter, annually on the close of the year in respect of which the compensation is payable.
(2) In the case of acquisition of the undertaking of the Company, as soon as possible after the date of the award made by the Tribunal, or, as the case may be, the date or the order of the High Court in the case of an appeal, the State Government shall pay to the Company the amount of compensation determined under section 8 in bonds carrying interest at the rate of three per centum per annum with effect from the date of issue and payable in twenty equal annual instalments :
Provided that the State Government may at any time or from time to time pay one or more instalments, even before such payment is due, with interest up to the date of payment after giving notice in the Official Gazette of its intention to do so :
Provided further that interest on such instalment or instalments shall cease on the expiry of the date of payment if payment of such instalment or instalments be not taken in pursuance of the notice referred to above.
Bfaimer of payment of compensation.