Amendment status not verified — confirm the current text below against the official source.
( 1) For the transfer to, and vesting in, the State Government of the institution under section 1 of 1894 4, the compensation payable by the State Government for the lands and buildings of the instit u ution shall be such as may be determined by the Competent Authority referred to in sub-section (3), applying, mtatis mutandis, the provisions of the Land Acquisition Act, 1894, subject to the condition that deduction of all grants and contributions made by the State Government directly or through the Local Bodies to the institution for the purpose prior to the appointed day, and subject to the further condition that the total amount of financial assistance received from the Government, if any, for construction of buildings of the institution prior to the appointed day shall be taken into consideration for determination of the quantum of such compensation. (2) The compensation payable by the State Government for all other assets excepting the lands and buildings referred to in-sub-section ( 1) shall be the market value thereof determined by the Competent Authority referred to in sub-section (3) after deduction of all grants and contributions made by the State Government to the institution specifically for the purpose of creation of such other assets prior to the appointed day. (3) The Special Land Acquisition Collector, Kolkata shall be the Competent Authority for the purposes of this Act. (4) Any person aggrieved by the award of the Competent Authority, may appeal to the Appellate Authority within thirty days from the date of the award and the District Judge, 24-Parganas (South) shall be the Appellate Authority for this purpose. (5) The State Government shall, as soon as possible after the date of the award made by the Competent Authority or after the date of the order of the Appellate Authority in the case of an appeal, as the case may be, pay to the persons, found entitled to, the amount of compensation determined under this section. (6) The amount of compensation determined under this section shall carry interest at the rate of six per cent per annum with effect from the date of vesting till the date of payment of compensation: Provided that the rate of interest on the amount of compensation for the lands and buildings referred to in sub-section (1) shall be the same as in the Land Acquisition Act, 1894.