Amendment status not verified — confirm the current text below against the official source.
(1) The Central Government may serve on the parties to a contract, not being a contract for rendering of personal services, relating to-- (a) prospecting or mining of any substance from which uranium or thorium or other prescribed substance can be obtained; (b) production or use of nuclear energy; or (c) research into matters connected to clause (a) or clause (b), a notice in writing stating that on such date as may be specified therein, the rights and liabilities of any of the parties to such contract shall be transferred to the Central Government. (2) A notice served under sub-section (1) shall specify the time and manner for making an objection and the Central Government shall provide the person making the objection an opportunity to appear and be heard by an officer authorised by it for the purpose who shall hear the matter and submit a report thereon to the Central Government. (3) Upon receipt of the report under sub-section (2), the Central Government may pass such order as it may deem fit. (4) With effect from the date specified in the notice served under sub-section (1) and subject to the order passed under sub-section (3),-- (a) the contract shall operate as if the Central Government were a party in place of the person whose rights and liabilities have been transferred to it; and (b) every reference in the contract to that person shall be deemed a reference to the Central Government, in respect of the rights exercisable, or liabilities incurred, on or after that date. (5) Where the rights and liabilities of a party to a contract are transferred to the Central Government under this section, there shall be paid a compensation in respect of any loss suffered by that party, as may be agreed between that party and the Central Government.