Amendment status not verified — confirm the current text below against the official source.
Payment of amounts due to the Authority-(1) The net amount payable under the provisions of this Act by the owner of a final plotmcluded in the final town planning scheme may at the option· of the contributor be paid in lumpsum- or in annual instalments not exceeding ten. \' I I :I I I 236 ODISHA LOCAL LAWS [S. 71 (2) If the owner elects to pay the amount by instalments, interest at six percent per annum shall be charged on the net amount payable. (3) If the owner of a plot fails to exercise the option on or befo.re the date specified in a notice issued to him in that behalf ~Y t.he ~~thonty, he shall be deemed to have exercised the option of paying contnbut1on JO instalm.e.nts and the interest on the contribution shall be calculated from the date spec1f1ed in the notice, being the date before which Ile was required to exercise the option. ' (4) Where two or more final plots included in the final town planning scheme are in the same ownership, the net amount payable by such owner under the provisions of this Act shall be distributed over his several final plots in proportion to the increments which is estimated to accrue in respect of each final plot unless the owner and the Authority agree to a different method of distribution.