30. Corporation to have right of purchasing tramways after twenty one years. -
The Corporation shall have the right of purchasing the tramways with the plant, buildings, stores, rolling-stock and everything connected therewith upon the expiration of twenty-one years from the commencement of this Act, upon declaring its intention so to do in writing not less than six months before the expiration of the said twenty-one years, and shall have a renewed right of purchase at the end of every seven years, after the expiration of the said twenty-one years upon similar notice being given;and the consideration for such purchases shall be a cash payment of one and two-fifths of the amount of the invested capital of the grantees, or securities of the [Central Government] [Words substituted by the Government of India (Adaptation of Indian Laws) Order, 1937.], or securities the interest whereon shall have been guaranteed by the Secretary of State for India in Council, or debentures of the Corporation of such amount as to produce, at the rate of interest current on such securities seven per cent, per annum on the amount of the said invested capital:and, if the consideration for such purchase shall be given in such securities as aforesaid, the grantees shall be entitled to have in addition a first mortgage of all the property, assets and profits of the tramway or tramways, which shall have been purchased from them.
