Tamil Nadu Urban Land (Ceiling and Regulation) Amendment Act, 1994*
| [Tamil Nadu Act No. 48 of 1994] | [12th August, 1994] |
An Act further to emend the Tamil Nadu Urban Lend (Ceiling and Regulation) Act, 1978
Be it enacted by the Legislative Assembly of the State of Tamil Nadu in the Forty-fifth Year of the Republic of India as follows:-
* Received the assent of the Governor on the 12th August, 1994 and published in the Tamil Nadu Government Gazette, Extraordinary.
1. Short title.- This Act may be called the Tamil Nadu Urban Land (Ceiling and Regulation) Amendment Act, 1994.
2. Amendment of section 16.- In section 16 of the Tamil Nadu Urban Land (Ceiling and Regulation) Act, 1978, (Tamil Nadu Act 24 of 1978) for sub-section (2), the following sub-section shall be substituted, namely:-
"(2)(a) If the amount payable is twenty-five thousand rupees or below, it shall be paid in cash forthwith.
(b) If the amount payable exceeds twenty-five thousand rupees, the first twenty-five thousand rupees shall be paid in cash forthwith and the balance shall, during a period of fifteen years, be paid in cash in equal annual instalments carrying an interest at the rate of six per cent per annum with effect from the date on which the vacant land is deemed to have been acquired by the State Government under sub-section (3) of section 11.".