Amendment status not verified — confirm the current text below against the official source.
(1) Not later than twelve months before the purchase date the Government may serve upon the Company notice in writing (hereinafter called "a purchase notice") of its intention to acquire the undertaking on the purchase date. (2) In the event of the Government serving a purchase notice the following provisions shall have effect, that is to say : — (a) The Government shall subject to the exchange regulations and other relevant laws prevailing at the time in the United Kingdom and India pay to the Company in sterling in London not less than thirty days before the purchase date : (i) the sum of £3,750,000; (ii) a sum equal to the amount of any additional outside capital brought into the undertaking with the consent of Government under Clause 6(1) of the Agreement during the period between the date of this Agreement and the first day of January One thousand nine hundred and seventy-one. (b) Subject to payment being made in terms of sub- clause (a) above, all the right, title and interest of the Company of and in the undertaking shall on the purchase date become vested in the Government free from all mortgages, charges and liens created by the issue of The Calcutta Trculaways Act, 1951. 7 XXV of 1951.] (The First Schedule.) Debenture or Debenture Stocks of the Company. Provided that the Company shall be entitled to retain all statutory books of account and other documents normally kept out- side India but shall afford every facility to the Govern- ment to have inspection of same or take copies of or extracts therefrom. (c) The Government shall also pay to the Company in sterling in London, the amount of the balance (if any) of the Shareholders' Account at the purchase date within one month after a certificate by the Company's Auditors of the amount thereof has been served on the Government. (d) No further sum than is provided for in this clause shall be payable to the Company in respect of the transfer of the undertaking to the Government. (3) From and after such vesting of the undertaking in the Government all powers, rights, obligations and liabilities excepting the liabilities in respect of the Share and Loans Capital of the Company shall be exercisable by and be binding on the Government in substitution for the Company and shall cease to be exercisable by or binding on the Company; Provided that no contract entered into by the Company after the date of this Agreement and extending for more than one year beyond the purchase date shall be binding on the Government unless it has been previously approved by the Government.