(1) If, at any time, after the opening of a ropeway, the State Government is of the opinion that an existing ropeway is required or needed by the Government in the interest of national security or in public interest, the State Government may, after considering any statement which the Promoter may desire to make, and after such enquiry as it deems necessary, declare, subject to such terms and conditions as the State Government may prescribe in this regard, that the powers of the Promoter in respect of such ropeway, shall be taken over by the State Government for such period that may be notified, and at the end of such period, all the rights, powers and authorities of the Promoter in respect of the said ropeway shall revert back to the Promoter.
(2) As soon as may be, after a notification under sub-section (1), has been made, the State Government shall by a notice in writing, require the Promoter to transfer and handover the undertaking including all land, building, equipment and assets, clearances and permits and documents pertaining thereto to the State Government :
Provided that the notice in sub-section (2) shall set forth the modalities for the handover of the ropeway and the amount of compensation payable to the Promoter in lieu of the takeover of the ropeway by the State Government that may be prescribed as per Rules.