Section 12 in The Gujarat Electricity Supply Undertakings (Acquisition) Act, 1969
12. Termination for existing staff of licensees.
(1)Any agreement between the licensee and his managing agent, managing director, manager or secretaries and treasurers shall, notwithstanding anything to the contrary in such agreement, be deemed to have been terminated on the vesting date in so far as it relates to the undertaking; and the managing agent, managing director, manager, or, as the case may be, secretaries and treasurers shall not be entitled to any remuneration or commission for such period of the agreement as may remain unexpired on the vesting date but shall be entitled only to compensation as determined under sub-section (2).(2)Where the agreement was in force on the appointed day and continued to be in force until the vesting date, without having been renewed or replaced by a fresh agreement for a further period, the managing agent, managing director, manager, or, as the case may be, secretaries and treasurers shall, for such period of the agreement as may remain unexpired on the vesting date or for a period of two years, whichever is less, be entitled to compensation calculated at the following rate per annum, namely:-The average annual ordinary remuneration (including purchasing commission and office allowance) to which a managing agent of the licensee would have been entitled under paragraph XIII of the Sixth Schedule to the Electricity Supply Act during a period of two complete accounts years immediately preceding the vesting date.(3)Any amount payable to a managing agent, managing director, manager, or, as the case may be, secretaries and treasurers under sub-section (1) shall be payable from the compensation payable wider this Act.
