5. Transfer of assets, liabilities, etc., by the State.
(1)The assets, liabilities and Proceedings forming part of Generation undertaking as set out in Schedule-A shall stand transferred to and vest in APGENCO on the effective date of transfer notified for the purpose without any further act or thing to be done by the State Government or the Board of APGENCO or any other person, subject, however, to the terms and conditions in these rules.(2)The assets, liabilities and Proceedings forming part of Transmission and Distribution undertaking as set out in Schedule-B shall stand transferred to and vest in APTRANSCO on the effective date of transfer notified for the purpose without any further act or thing to be done by the State Government or the Board or APTRANSCO or any other person subject, however, to the terms and conditions in these rules.(3)On such transfer and vesting of the assets, liabilities and Proceedings in terms of sub-rule (1) to APGENCO or sub-rule (2) to APTRANSCO, as the case maybe, the APGENCO or the APTRANSCO, the Transferee, shall be responsible for all contracts, rights, deeds, schemes, bonds, agreements and other instruments of whatever nature to which the Board was initially a party, subsisting or having effect on the effective date of transfer, in the same manner as the Board was liable immediately before the effective date, and the same shall be in force and effect against or in favour of the Transferee and may be enforced effectively as if the Transferee had been a party thereto instead of the Board:Provided that the proceeds of the 15% redeemable and non-convertible Vidyut Bonds (Series 1/99) issued by the Board shall continue to be received by the Board in the manner specified in the issue documents and retained in the existing no-lien accounts till further orders by the State Government as to their utilization for the objects of then issue.(4)As consideration for the transfer and vesting of the assets, liabilities and Proceedings to APGENCO or APTRANSCO as mentioned in sub-rules (1), (2) and (3)of this rule and Schedules A or B as the case may be, the State Government will be issued Shares and/or instruments as specified in Schedule 'A' and Schedule 'B' respectively.
