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9C. National Mineral Exploration Trust. (1) The Central Government shall, by notification, establish a Trust, as a non-profit body, to be called the National Mineral Exploration Trust. (2) The object of the Trust shall be to use the funds accrued to the Trust for the purposes of regional and detailed exploration in such manner as may be prescribed by the Central Government. 1. Ins. by Act 56 of 1972, s. 5 (w.e.f. 12-9-1972). 2. Subs. by Act 37 of 1986, s. 9, for "four years" (w.e.f. 10-2-1987). 3. Ins. by Act 10 of 2015, s. 9 (w.e.f. 12-1-2015). (3) The composition and functions of the Trust shall be such as may be prescribed by the Central Government. (4) The holder of a mining lease or a prospecting licence-cum-mining lease shall pay to the Trust, a sum equivalent to two per cent. of the royalty paid in terms of the Second Schedule, in such manner as may be prescribed by the Central Government.]    |
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