Section Text
1974.
(ii) For the purpose of such revision, the gross income in respect of such property taken into account in assessing the perpetual annuity shall be deducted from the gross assets of such estate and the provisions of sections 31 to 35 shall mutatis mutandis apply].
(3) In the case where the interest of an Intermediary is subject to a mortgage or charge on the estate or portion thereof, the compensation shall be payable to the creditor holding such mortgage or charge in such proportion as hereinafter provided in full satisfaction thereof and the balance shall be payable to the Intermediary.
(i) fifty per centum of the compensation when the amount of such compensation is fifty thousand rupees or less;
(ii) thirty per centum when the amount of such compensation is above fifty thousand rupees and is less than one lakh of rupees; and (iii) twenty per centum when the amount of such compensation is one lakh of rupees or above, and where there are two or more such creditors the compensation shall be payable to the body of creditors jointly in the aforesaid proportion and in the order determined under the said Chapter. 1 [(4) In the case of an estate, succession to which is governed by the law of primogeniture, where any person is in receipt of a monetary allowance in lieu of maintenance which is a charge on the estate, the amount of compensation payable to such person on account of such maintenance allowance, shall bear the same ratio, to the compensation payable to the Intermediary under section 37, as his claim determined under 2 [sub-section (5)] of section 20 bears to the net income of the Intermediary computed under section 27 and shall deducted from thee compensation payable to such Intermediary.] 29. Provision of section 28 not to affect any agreement - Nothing in the foregoing section shall operate to modify the terms of any agreement between the Intermediary and the State Government under section 4.