Amendment status not verified — confirm the current text below against the official source.
(1) The Government shall, by way of compensation for the extinguishment, of the rights, title and interest of the Sreepadam Palace under clause (a) of section 3 and for the vesting in the Government of the Sreepadam lands held on Kuthakapattom, under clause (b) of that section, pay in perpetuity to the Sreepadam Palace every financial year beginning with the financial year in which the appointed day falls, an amount of 31,075 rupees as annuity. (2) The Government shall, by way of compensation for the vesting of tharissu in the Government under clause (c) of section 3 pay to the Sreepadam Palace an amount calculated at the rate of four hundred and ninety-four rupees per hectare of tharissu. (3) The annuity payable under sub-section (1) shall be paid in one lump every financial year on such date and in such manner as may be prescribed. (4) The compensation payable under sub-section (2) shall be paid in one lump and shall bear interest at the rate of 5 percent per annum from the appointed day.