Amendment status not verified — confirm the current text below against the official source.
(1) The Government may by a transfer scheme provide for the transfer of the personnel from the Board to a company or companies established as the case may be, under section 14 and distribution companies ('hereinafter referred to as "transferee company or companies") on the vesting of properties, rights and liabilities in a company or companies established, as the case may be, under section 14 or the distribution companies. (2) Upon such transfers the personnel shall hold office in the transferee company on terms and conditions that may be specified in the transfer scheme subject, however, to the following, namely:- (a) that the terms and conditions of the service applicable to them in the transferee company shall not in any way, be less favourable than or inferior to those applicable to them immediately before the transfer; (b) that the personnel shall have continuity of service in all respects; and c) that the benefits of service accrued before the transfer shall be fully recognised and taken in account for all purposes including the payment of any and all terminal benefits.