Minerals Development Act, 1940

Form of compensation for State acquired minerals and for unworked minerals licences.

68.—In awarding compensation for State acquired minerals or compensation under Part VI in respect of the grant of an unworked minerals licence, the Board shall award such compensation in the form of a royalty rent, unless such State acquired minerals or the minerals the subject of such unworked minerals licence—

(a) were, at the date on which they were respectively acquired or granted (as the case may be), held by the owners thereof subject to a dead rent or other fixed annual payment, or

(b) were purchased by the owners thereof for valuable consideration within a period of twenty years prior to the date of the passing of this Act,

and in either such case, the Board may, in its discretion, award such compensation either in the form of a lump sum payment, or a dead rent, or a royalty rent, or in any or all of such forms.