(1) Any agreement between the licensee and his managing agent, managing director, manager or secretaries and treasurers shall, notwithstanding anything the contrary in such agreement, be deemed to have been terminated on the 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 be entitled to any remuneration or commission for such period of the agreement 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 reply 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 periods the agreement as may remain unexpired on the vesting date or for a period two years, whichever is less, be entitled to compensation calculated at the serving rate per annum, namely :- The average annual ordinary remuneration (including purchasing communicated and office allowance) to which a managing agent of the licensee would been entitled under paragraph XIII of the Sixth Schedule to the Electric 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 as the case may be, secretaries and treasurers under sub-section (1) shall payable from the compensation payable under this Act.
13. Notwithstanding anything to the contrary in any contract or agreement or in any law for the time being in force, the following provisions shall be in regard to the Repayment of debentures,loans, etc.
Arbitration.
Termination of managing agency.
Provisions for existing staff of licensees.
1969 : Guj. 7] Gujarat Electricity Supply Undertakings (Acquisition) Act, 1969 persons on the staff of the licensee immediately before vesting date :-
(1) Every such person shall be deemed to be retrenched from service the vesting date and shall be entitled to –
(a) one month’s pay to be calculated from the vesting date, and
(b) retrenchment compensation which shall be equivalent to fifteen day average pay for every completed year of continuous service or any thereof in excess of six months.
(2) Nothing in clause (1) shall prevent the State Government from retaining any such person in service on and after the vesting date and where any such person in retained in service, his services shall be governed by such rules as the State Government may, from time to time, make in this behalf :
Provided that the term and conditions of service of any person so retained in service shall not in any way be less favourable than those applicable to him immediately before the vesting date.