Section 5(1) in The Shillong Electric Supply Undertaking (Acquisition) Act, 1977
(1)The property, rights, liabilities and obligations specified below in respect of the undertaking shall vest in the Government on the vesting date-(i)all the fixed assets of the licensee and all the documents relating to the undertaking;(ii)all the rights, liabilities and obligations of the licensee under hire-purchase agreements, if any, for the supply of materials or equipment made bona fide before the vesting date;(iii)all the rights, liabilities and obligations of the licensee under any other contract entered into bona fide before the vesting date, not being a contract relating to the borrowing or lending of money, or to the employment of staff;(iv)(a)all cash and bank balances of the licence relatable to the undertaking on the vesting date;(b)all amounts due or accruable or accrued to the licensee in connection with electrical energy supplied or other supplies made or services rendered by the licensee, in the course of operations of the undertaking, upto the vesting date; and(c)all investments, loans, advances or deposits relatable to the operations of the undertaking, made by the licensee and outstanding on the vesting date except loans and advances to the employees of the licensee.
