Amendment status not verified — confirm the current text below against the official source.
(1) The undertaking vested in the Government under section 3 shall be deemed to include the properties, rights, liabilities and obligations specified below, namely:-- (i) all the fixed assets of the licensee in relation to the undertaking and all the documents relating to the undertaking; (ii) all the rights, liabilities and obligations of the licensee in relation to the undertaking under any other contract hire purchase agreements, if any for the supply of materials or equipments made bona fide before the appointed day; (iii) all the rights, liabilities and obligations of the licensee in relation to the undertaking under any other contract entered into bona fide before the appointed day, not being a contract relating to the borrowing or lending of money, or to the employment of staff. (2) all the assets specified in clause (i) of sub-section (1) shall vest in the Government free from any debts, mortgages of similar obligations of the license or attaching to the undertaking: Provided that such debts, mortgages or obligations shall attach to the amount payable under this Act to the licensee for such assets. (3) The license shall be deemed to have terminated on the appointed day and all the right, liabilities and obligations of the licensee under any agreement to supply electricity entered into before that date shall devote on the Government. (4) It shall be lawful for the Government, or any officer or servant of the Government or the Board authorized by the Government in this behalf, to take possession of the entire undertaking, or as the case may be, the fixed assets and of all documents relating to the undertaking which the Government may require for carrying on the undertaking, after removing any obstruction, if any, that may be offered.