Section 5 in The Indian Electricity (Bihar Amendment) Act, 1974
5. Substitution of new section for Section 7-A of Act (IX of 1910).
- For Section 7-A of the said Act, the following section shall be substituted, namely:-"7-A. Determination of amount payable. - (1) Where an undertaking of a licensee is sold under sub-section (1) of Section 5 or purchased under Section 6, the amount payable for the undertaking shall be the book-value of the undertaking at the time of purchase of where the undertaking has been delivered before the purchase under sub-section (3) of Section 5, at the time of delivery of the undertaking.(2)The book-value of an undertaking for the purpose of sub-section (1) shall be deemed to be the depreciated book-value as determined under the provisions of the Fourth Schedule to the Electricity (Supply) Act, 1942 (Act 54 of 1942) of all lands, buildings, works for the purpose of the undertaking other than (i) a generating station declared in the licence as not to form part of the undertaking for the purpose of purchase, and (ii) service lines or other capital works or any part thereof which have been constructed at the expense of the consumers, but without any addition in respect of compulsory purchase or of good-will or any profits which may be or might have made from the undertaking or of any similar consideration.(3)Notwithstanding anything contained in any licence or any instrument, order, agreement or law for the time being in force in respect of any additional sum by whatever name it may be called, payable to a licensee for compulsory purchase the licensee shall be entitled only to a resolution of ten per centum of the book-value as determined under sub-sections (1) and (2) for purchase of his undertaking.(4)No provision of any Act for the time being in force including the other provisions of this Act and of any rules made thereunder or of any instrument including licence having effect by virtue of any such Acts or any rule made thereunder, shall in so far as it is inconsistent with any of the provisions of this section have any effect."
