(1) The power transmission system shall be deemed to include all assets, rights, leaseholds, powers, authorities and privileges and all property, movable and immovable, relating to such system including lands, buildings, workshops, projects (whether complete or at any stage of completion or planning), stores, spares, instruments, machinery and equipment, construction equipment, unutilised long-term and short-term loans and all other rights and interests in, or arising out of, such property as were, immediately before the appointed day, in the ownership, possession, power or control of the three companies and all books of account, registers and all other documents of whatever nature relating thereto but shall be deemed not to include—
(a) book debts due to the three companies, immediately before the appointed day;
(fe) cash balances and bank balances as on the appointed day;
(c) income and expenditure on revenue account relating to any period before the appointed day.
Explanation.—For the removal of doubts, it is hereby declared that rights in relation to the power transmission system of each of the three companies which have been transferred to, and vested in, the Corporation under subsection (2) of section 3 and this sub-section shall include the right to collect transmission charges- for transmission of power and any monies collected on or after the appointed day by any of the three companies as transmission charges (whether shown separately or not) shall be payable by such company to the Corporation.
(2) Unless otherwise expressly provided by this Ordinance, all deeds, bonds, guarantees (other than guarantees given by the Government of India), agreements, powers of attorney, grants of legal representation and other instruments of whatever nature hi relation to the power transmission system of each of the three companies, subsisting or having effect immediately before the appointed day, and to which each of the three companies is a party or which are in favour of any of the said companies shall be of !as full force and effect against or in favour of the Corporation and may be enforced or acted upon as fully and effectually as if in the place of the concerned company tne Corporation had ibeeh a party thereto or as if they had been issued in favour of the Corporation.
(3) If, on the date of promulgation of this Ordinance, any suit, appeal or other proceeding of whatever nature in relation to any property or assets which Acquisition of rights of three companies in relation to the power transmission systems.
General effect of vesting.
4 THB GAZETTE OF INBIA EXTRAORDINARY [PAST B ~ tiOJk U> bo liable - • f o r . - - certain prior liabilities.
Ocwixyration to be lessee or tenant.
Removal of doubts.
have been transferred to, and vested in, the Corporation under sub-section (2) of section •35t-$nstiktj*e<|; or jfffewKfc by <&< agatosfcjwry #f the ttam sswspanies is pending, the same shall not abate, be discontinued or be, in any way, prefcalieiailiy afifeQtwJ by *3ason of the tranaffcr.of tt» powec transiaiseton.System -KfcW-'ttWpfojtfor;** anything ecnttamfti.hi iftis Ordinfcnce^:tojfcitfier atoit, 4£f$al «f oiheSrifflqfieediQg. may bet coiiJ!inj&»d, TEosecnfed. or enfoisfid, subjest to the provisions of sub-section £l>.ol sectioS 5, by of against Uie-ObEpofetiGtf.
. _5,. £1) Subject ta the,, pwv^ijjgs of^subsection_(^,Jf^ AabJ.M^ M e a c h of ti£e three companies in.'icf^tigti to^j|t.#pjfre£ t^siftsiioh .syste^ jn '̂resgect of any period prior to t ) i e " ^ ^ 1 ^ . d | y ^ j ^ V h ^ s r ^ ^ . t r a ^ f e t w d . idj .Md.
vested in, the Corporation unJler "sub^ecia^ii "(2) k section 3, shatf Dt''&&"%&- lity of the Corporation and shall be enforceable against the Corporation and atotagjfinst the coiflp^ary: " '
Provided that nothing contained in. this, sub-sectioa shall apply to—.
(ajf, the Income and expeinfitnr6 Bn"•reveriw aocouat relSfmg to my .period "befpre the'appofated,^'a^' :BKe»ved"*,"as IK© case n?aftfe,- iriCHrred by any of the three coiriSp'arHes on or after the™ apfSoTrite^iayi" ' (*5 arrears ot depreciation, wgMding contingent liabilities oa #apU»l accoiint feiaing; ta any period- befot^-^ the appototed- - -day, ^cisi»g»on account of the decision of any court,--tribunal or other authority.^-. ..
: (2) Where any repaymeTiif cl a'lo&irfft interest, or both, has been made, on or after the appointed day, by any & the three companies :to-any lending agency, sjjch repayment ihall be deemed, to have been made by fte Corporation and the amount of such repayment" shaU;6o reimbu^ed 'By tfoer Coloration to Ihe Concemfed corf^aoy ™ sdjMstoneot ft ^raasmissioa charges or. any other amount due to the Corporation from thtWcerjied company.. . . . _ •- " • • 6. U) Whfcre any^rbperty is »sl<J by aw of the three companiss in relation to its power tranMniteiiofr system under wg-lwsc or jigbt of tenanc^:,th?. Coxpotation shall, on and from the appwnte* day, be deemed to b m become ffie lessee or tenant; as the case" m a y ^ - i a «wpeot of such property. asrtf thg.lease - « lehabcy in rcfettan to such• r n f M ^ M been, granted *•&&*&&£ and thereupon aU the rights under weto tease or tonancy. shall be deemed to havebeeh trensfewed to, and vested in, the Corporation. . . . . . . . .
• (2) On the expiry of the term of any lease or tenancy rcf«n«8 to ;m subsection (1), sucfile^ise or' tenancy shall* jf.«Q.xJesired by.4he .qpQfpratioij, be renewed on the ^aifie t«teis-an*.eon<*iafli»^ w îcK the.Jease or. tenancy wfl» held by any of the three companies immediately before the appointed day.
• - H4^ty For the removal of doubjs,.it.is hereby declared that the -provisrons of Wfitiops 3, 4, 5 S3d,6.5hallva0pJy^_to lhev extoif tb which any propWy •-*pg*ctains -to th« l?»sittejss ^elatjng to,̂ .tfie r»wer transmission sj«t8m "canted f̂c by the-three, eoinpaniej and to tho. rights and ^^:'h^fe3, ^Sf^io debts, -liabilities aM obligations, fnteprre ,̂.*and to "contracts'/ a^68trtents^and otfew oostouments made >y apy-.°f ) ^ e t h^ e c cfimpariies1 aria t^ie^FVrecg^tegs relating to those matters pendmllnany cottrt, trTbunffr6r '^eti&MiWitp in India.
(SO If arri V e ^ » ^ ^ a% "^ «*e*»w a»Jf property- agpsrtained, ' on tHe appoint^ a y , to ^ny^ ̂ StoSss. of uwy- o* « » thwer scanpanies^in relation to its power transmission system, or whether any rights, powers, Sfc. 1) - -ma GAZETTE OF INDIA EXTRAOKIMNARY 5 debts, liabilities or obligations were acquired or incurred or any contract, agreement or other instrument was made by any of the three companies for the purposes of its said business, or whether any document relates to those purposes, the question shall be referred to the Central Government which shall, after giving a reasonable opportunity of being heard to the persons interested in the matter, decide it in such manner as it may think at.