Section 2 in The Indian Electricity (Bihar Amendment) Act, 1974
2. Amendment of Section 5 of Act (IX of 1910).
- For sub-sections (2) and (3) of Section 5 of the Indian Electricity Act, 1910 (Act IX of 1910) (hereinafter referred to as the said Act) the following sub-sections shall be substituted, namely:-"(2) Where an undertaking is sold under sub-section (1), the purchaser shall pay to the licensee the amount payable for the undertaking determined in accordance with the provisions of sub-sections (1) and (2) of Section 7-A.(3)Where the State Government issues any notice under sub-section (1) requiring the licensee to sell the undertaking it may by such notice require the licensee to deliver, and thereupon the licensee shall deliver on a date specified in the notice the undertaking to the designated purchaser, pending the determination and payment of the amount payable for the undertaking :Provided that in any such case the purchaser shall pay to the licensee, interest at the Reserve Bank rate ruling at the time of delivery of the undertaking plus one per centum on the amount payable for the undertaking for the period from the date of delivery of the undertaking to the date of payment of the amount payable."
