Section 2 in The Indian Electricity (Uttar Pradesh Amendment and Validation) Act, 1975
2. Amendment of Section 5 of Act No. IX of 1910.
- In Section 5 of the Indian Electricity Act, 1910, as amended in its application to Uttar Pradesh (hereinafter referred to as the principal Act) for sub-sections (2) and (3) 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 an amount determined in accordance with the provision of Section 7 and Section 7-A as substituted by the Indian Electricity (Uttar Pradesh Amendment and Validation) Act, 1975, excepting sub-section (3) of the said 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 or to such officer as the designated purchaser may appoint in that behalf pending determination and payment of the said amount to the licensee :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 to the licensee for the period from the date of delivery of the undertaking to the date of payment of such amount."
