SCHEDULES
THIRD SCHEDULEPayments under section fifty-six of principal Act
3
If the payment area is identical with the area of the claim holding, then—
(a)
if the amount of the payment is equal to the value of the claim holding, the claim holding shall be deemed to have been extinguished as from the date of the scheme ;
(b)
if the amount of the payment is less than the value of the claim holding, the value of the claim holding shall be deemed to have been reduced, as from the date of the scheme, by the amount of the payment.