Amendment status not verified — confirm the current text below against the official source.
(1) On and with effect from the date on , which a transfer scheme, ,%ad's as may be prepared by' the State Gove'rhont to give effect the objecls and p*Omffes, , purpOSes of. this Act, is -published, (hereinafter referred to as tho &e,ctive date), m y property, interest in Property, right3 and liabilities which immediately before acid dutlea the effective data - belong to the Board, shall Vest in the State Government, on such terms as m a be agreed between the Stale Government and the Bo~rd. (2) Any property, interest in property, rights and liabiliiics vested in the State Government under ~ub-section (1) shall be revested by th:: Statc Government in the ~ r i d c o and OHPC in accordance with t llc tr;lnsftr sclir.mc 6 ~ , pu l.lisllcd a tongwith such oiher properly, intcr~rt in propert s, righrs and Iizbililies of lht State G ovem- mtnt as ma y bc specified in : uch schenl~, on sucl~ lcrrns and conditions as may be agreed between the State Govcrnment and the Grjdco or OHPC, as the case g a y be. (3) Such of thc rights and porvers exercisable by the Board under the Elwtricity (Supply) Act, 1948 as the State Government may, by notification, speciry shall be 54 01 1948 exercisable by the Gridco or OHPC, a,s t h ~ p s e may be, for the purpose of dischap ging the functions and dutics with w h ~ c b I t 16 charged. (4) Not-withstanding anything in this seclion, where- (=) the transfer scheme involves transfcr of any property or rights to any person or undertaking not wholly owned by the State Government, the d e m e shall give effect to the transfer only for fair value t o be paid by the transfcrec to the State Govcrnrnent; and (b) a transaction of any description is cffected in pursuance of a transfer scheme, it shall be bind~ng on al! pcrsclns including third parties, oven if, - such person3 or third parties have not consented to it. ( 5 ) The State Government may, aftcr consulting the Gridco (tbc "transferor licensee") or OHPC, as the case may bc, require them to draw up n iransrer sch%mc only on leasc to vest in a further liccosee (tbe "rr~nsferec licensee'') or any generating wmpany, any property, interest in property, rights and liabilitia which have h e n vested in tlie transferor licensee or OHPC., as the case may be, undcr thi.7 section. (6) A transfer schemc may- (a) define the property, interest in properly, rights; and liabili~ies to be alloc?,ted,- ( i ) by specifying or describing the property, rights and liabilities in question; (ii) by referring to a11 the property, interest in propcrty, rights 2nd ]iabjli- ties comprised in a specified part of the transferor's undertaking; or (jii-) partly in one way and partly in the other. (b) provide [ha! any rights or liabilities specified or described in the scheme shall be enforceable by or against -the transferor or lhc transreree; (c) impose on the licensee an obligation to enter into such written weements with, or cxecute such other instruments in favour of, any subsequent Iicensee as may be specified in the scheme; and (6) make such supplcmental, incidental and consequenlial provisions as the ~ransreror liccnsee considers approprrate including provision ' speciFying the order in which any transfer or transaction is to be,rerardcd as taking effect. (7) All debts and obligations incurred, ail contracts entered into and all matters and things done by with or for tbe Board, or the Gridco or OHPC, before a transfer scheme becomcs effective shall, to the extent specifield in the relevnut tranuler scheme, be deemed to have been incurred, entered into or done by with or for the State Government or the transferee, arid all suits or othzr legal proceedings instituted by or against the Board or transferor, as the case may bc, may br continued or insritxted by or aginst the State Government or the concerned tr~nferee, as the case may be. (8) In tbe event that a licensee is required to vest any part of its undertaking in another licensee P~rsuant to sub-section (5), the Commission shall ammd the transferee Iicensce's !rcense in accordance with section 19 or rev& its licence in auxrdance with section 18. . . (9) The Bkard shall ccae fo be cherged with, and shall not perform, the functions and duties specified in sub-:ect~oa (2) with regard to transfers made on, nod after the effective date. (10) The excrcise by a licenscc of any of the Board's rights and powers may be made an such condition6 as shall be spccified in Ihe transfer scheme including a condition that rhc y shall be exercised by the licensce a nly with thc approval of the Commission. Pmvislons