Vesting of assets and liabilities of tramway system

The tramway system, together with any and all assets, liabilities, obligations, contracts and employees shall vest with the tramway operator in accordance with the order or the agreement, as the case may be, for the duration as set forth in such order or agreement. In the event of change of the tramway operator which has been approved by the State Government, the tramway system, together with any and all assets, liabilities, obligations, contracts, and employees shall vest with such tramway operator on such terms and for such duration as the State Government may prescribe by the order published in Official Gazette, or in the agreement entered into by the State Government, as the case may be, approving such change of the person acting as the tramway operator: Provided that nothing contained in this section shall affect:

1. (i) any sub-contract entered into by the tramway operator pursuant to section 11 with any other person, or
2. (ii) the vesting of all or part of a tramway system vested in any person pursuant to an agreement entered into by the state government under section 5(1).