Amendment status not verified — confirm the current text below against the official source.
promoter to sell when option to purchsse niot exercised and drderrevoked by consent. Proceedingsin 31, case of inability orinsolvency or promater (6) Whete a purchase has been effected under sub-section (1) or sub- section(5) above,- (@) the undertaking shall vest in the purchaser free from any debts, mortgages or similar obligations of the promoter or attaching to the undertaking: Provided that any such debts, mortgages or similar obligations shall attach fo the purchase money in substitution of the undertaking; and (b) save as aforesaid, the order published under section 7 of the Act shall remain in full force and the purchaser shall be deemed to be the promater: Provided that where the Government elects to purchase, the order under section 7 of the Act shall, after ‘purchase, in so far as the Government is concerned, cease to have any further operation. (7) Not less than two years' notice in writing of any election to purchase under clause (a) or clause (b) of sub-section (2) of this section shall be served upon the promoter by the Government or the local authority, as the case maybe. (8) Notwithstanding anything herein before contained, a local authority may, with the previous sanction of the Governmert, waive its option to purchase and enter into an agreement with the promoter for the working by him of the undertaking vntil the expiration of the next subsequent perivd mentioned in the order or refetred to in clause (b) of sub-section (2) above, upon such terms and conditions as may be stated in the agreement. Where, on the-expiration of any of the periods réferred to in section 29 of the Act, neither the Government nor local authority purchases the undertaking, and the order published under section 7 of the Act is, on the application or with the consent of the promoter, revoked, the promoter shall have the option of disposing of all lands, buildings, works, materials, plants and apparatus belonging to the undertaking in such manner as he may thinkfit, CHAPTER VIII INABILITY OR INSOLVENCY OF PROMOTER (1) If, at any time, after the opening of an acrial ropeway, it appears to the Government that the promter is insolveiit or is unable to maintain the aerial ropeway or to work the sarmie with advantage to the public, or at all the Government may, after considering any statement which the promoter may desire t& make, a'nd after such enquiry as it deems necessary, declare by notificahqn in the Official Gazette that the powers of the promoter in respect of such aerial ropeway, shall, at the expiration of six months from the date of such declaration, be at an end, @d thereupon the said powers shall, at the expirati on of that period, cease and determine. 9636 THE ASSAM GAZETTE, EXTRAORDINARY, OCTOBER 11, 2022 ———— | | | Power of promoter to make bye-laws