Section 4 in The Berhampore Electric Supply Company Limited (Undertaking) Acquisition Act, 1981.
4. General effect of vesting. -
(1)The undertaking which vests under section 3 shall be deemed to include all rights, powers, authorities, privileges, properties, liabilities and obligations as specified below:-(a)all lands, buildings, works, materials, plants, fixed assets and books, documents and other papers of the licensee in relation to the undertaking;(b)all rights, liabilities and obligations of the licensee in relation to the undertaking under hire-purchase agreement, if any, made before the appointed day;(c)all rights, liabilities and obligations of the licensee in relation to the undertaking under any contract entered into bona fide before the appointed day, not being a contract relating to the borrowing or lending of money, or to the employment of staff.(2)The undertaking which vests under section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, debt, charge and all other incumbrances affecting it, and any attachment, injunction or decree or order of any court restricting the use of such undertaking in any manner shall be deemed to have been withdrawn.(3)The licence shall be deemed to have terminated on the appointed day and all rights, liabilities and obligations of the licensee under any agreement to supply electricity shall on the appointed day be so devolved on the Board.(4)It shall be lawful for the Board or any officer or employee of the Board authorised by the Board in this behalf to take possession of the undertaking.
