Amendment status not verified — confirm the current text below against the official source.
Payment qf annuzty.-The Government shall pay the annuity payable to the mstitution every year in perpetuity on such date or dates and in such manner as may be prescribed : 42 Provided that where the right, title and interest of the institution are subject to any encumbrance,- (z) the value of the encumbrance shall be paid to the holder of the encumbrance ; and ( zz) five pet cent of the value of the encumbrance shall be deduc- ted from the annmty and the balance, if any, alone shall be paid to the mstitution : Provided further that where the value of the encumbrance is more than twenty times the annulty,- (i) 1f there is only one encumbrance, twenty times the annuity shall be paid to the holder of the encumbrance; and (u) 1f there are more than one encumbrance, twenty times the value of the encumbrances shall be paid to the holders thereof m the1r order of priority, and no amount by way of annuity shall be payable to the institution.