8. Provisions where no purchase and license revoked with consent of licensee .-Where, on the expiration of any of the periods referred to in [section 6, sub-section (1), the undertaking is not purchased by the State Electricity Board, the State Government or the local authority], and the license is, on the application or with the consent of the licensee, revoked, the licensee shall have the option of disposing of all lands, buildings, works, materials and plant belonging to the undertaking in such manner as he may think fit:
Provided that, if the licensee does not exercise such option within a period of six months, the State Government may proceed to take action as provided in [section 5, sub-section (4), proviso] [ Substituted by Act 32 of 1959, Section 8, for " Section 5, clause (f), proviso" .].
