(1) The State Government may, from time to time, make subventions to any licensee for the purpose of sub-section (2) of section 12 for such months as may be recommended by the Commission.
(2) The State Government may from time to time, advance loans to any licensee or generating company which for the time being is wholly or substantially owned by the State Government, on such terms and conditions as the State Government may determine.
(3) The State Government may guarantee, in such manner as it thinks fit, the repayment of the principal or the payment of interest, or both, of any loan proposed to be raised by, or the discharge of any other financial obligation of any licensee or generating company for the time being wholly or substantially owned by the State Government :
Provided that the State Government shall, so long as such guarantee is in force, lay before the State Government every year a statement of the guarantees, if any, given during the preceding year and an up-to-date account of the total sums, if any, paid out of the State revenue in each case by reason of any such guarantees or paid into the state revenue towards repayment of any money so paid out.
(4) The State Government shall be entitled to inspect and verify the accounts of every licensee or generating company obtaining any benefits under sub-section (1) for sub-section (2) or sub-section (3).