Amendment status not verified — confirm the current text below against the official source.
(1) Where the promoter is the ‘[Central Rows et Sr and Government] the '[Central Government] may at any local authorities . : —_ hase aer{al time transfer the undertaking or any part thereof to sacway, (a) a local authority or local authorities under terms and conditions approved of. by, and: with the consent of, such authority or authorities ; (b) to any other person under such terms and conditions as may be mutually agreed upon between the '[Centra] Government] and the transferee. (2) Where the promoter is not the ‘[Central Go- vernment] the *[Central Government] may— (a) within such limits of time and upon such terms and conditions as may be specified in this behalf in the order, or (b) if a time was not specified in the order, then within six months after the expiration of a period of twenty-one years from the date of the order, and within six months after the expiration of every subsequent period of seven years, or (c) within two months after the publication of a notification under section 22, or within six months after the publication of a notification under section 26, by notice in writing require the promoter to sell to the [Central Government] or to a loca’ authority the aerial ropeway or a part thereof, and thereupon the ‘Substituted for the words “State Government” by the Punjab Reorganisation (Chandigarh) (Adaptati vurrent Subjects) Order, 1968, ptation of Laws on State and Con- / os 846 AERIAL ROPEWAYS [1926 : Ph. Act v. promoter shall sell the same upon the terms Specified in the order, or if the terms were not specified in the order, then upon the terms of receiving the then Value of We aerial ropeway or of the part thereof. The then vaite of the aerial ropeway shall be deemed to twenty-five times the amount of the average yearly net earmnengs derived by the promoter from the aerial TOpe. way or part thereof, during the three years immediately preceding the date of sale : Provided that if the terms were not specified in the order published under section 7 the total] amount 39 payable to the promoter shal] not exceed by more than twenty per cent the total capital expenditure of the promoter on the aerial ropeway, or part thereof. (3) A requisition shall not be section (2) requiring the promoter authority unless the making there ved by the local authority. made under sub- to sell to the local (4) When a sale has been made un all the rights, powers and authorities in respect of the undertaki sold, shal] be transferred to th ~—e » and in accordance with, the preced- Ng provisions of this sma on section, two or more local autho- ¥ Jointly purchase an undert Jointly aking or so much thereof as 1s Within their circles, (6) Where a purchase has section (1) or sub-section (5) _— (a) the undertaking Shall vest in the purchasers free from any debts, Mortgages or similar 1926 :.Pb. Act V,] AERIAL ROPEWAYS 847 obligations of the promoter or attaching to the undertaking : Provided that any such debts, mortgages or simi- lar obligations shall attach to the purchase ee in substitution for the undertaking ; an (b) save as aforesaid, the order published under section 7 shall remain in full force, and the purchaser shall be deemed to be the pro- motor : Provided that where the [Central Government] elects to purchase, the order under section 7 shall, after purchase, in so far as the ‘[Central Government] is concerned, cease 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 promotor by the *|Central Government] or the local authority, as the case may be. (8) Notwithstanding anything hereinbefore con- tained, a local authority may, with the previous sanc- tion of the [Central Government] waive its option to purchase and enter into an agreement with the pro- motor for the working by him of the undertaking until the expiration of the next subsequent period mentioned in the order or referred to in clause (b) of sub-section (2), upon such terms and conditions as may be stated in the agreement.