The Company shall pay to the Central Government out of its assets such sum as on the 31st day of December, 1953, is sufficient to meet the payment of—
(a) all amounts payable as gratuities or as special contributions to provident funds, as the case may be, which, if the Company had continued to exist after the 31st day of December, 1953, it would have paid on or after that day under the normal operation of its rules to its employees then in service if their services had been terminated on that day by the abolition of their appointments; and
(b) all amounts payable by way of leave salary for such periods of leave as, ii the Company had continued to exist after the 31st day of December, 1953, it would have sanctioned under the normal operation of its rules to its employees then in service if they had been permitted to proceed on leave on the 1st day of January, 1954, with permission to retire on the expiry of that leave.