Price for undertakings, generating stations and main transmission lines purchased by the Board

THE FOURTH SCHEDULE PRICE FOR UNDERTAKINGS, GENERATING STATIONS AND MAIN TRANSMISSION LINES PURCHASED BY THE BOARD I. For the purposes of this Schedule- (a) "date of vesting" means the date on which the undertaking, generating part of such station, main transmission line or asset forming part of such station or as the case may be, vests in the Board ; (b) "original cost" of an asset means the amount of expenses certified or determined under paragraph II to have been properly incurred on and incidental to the provision of the asset for the purposes of the undertaking, generating station or main transmission line, as the case may be ; (c) "prescribed period" shall have the meaning assigned to it in the Sixth Schedule. II. The price to be paid for any undertaking, generating station or main transmission line, as the case may be, purchased by the Board under this Act shall be such sum as may be certified by an auditor appointed by the Government in this behalf to have been the amount properly incurred on and incidental to the establishment of the undertaking, station or main transmission line, less depreciation thereon on the scale set out in paragraph III : Provided that there shall be added to such sum as aforesaid on account of such purchase of the generating station or main transmission line such reasonable compensation as may be determined by the Board having due regard to the fact that a portion of the undertaking is to be acquired : Provided further that if the Board or the licensee is dissatisfied with the sum so certified, the matter shall, in default of agreement between them, be determined as provided in section 72. III. The scale of depreciation referred to in paragraph II shall be in respect of the portion of the prescribed period prior to the date of vesting- (a) for land owned under title, including the cost of clearing the site, nil ; (b) for other assets specified in the Table appended to the Seventh Schedule, the amount which would be produced by the end of the portion of the prescribed period if during that portion an allowance were made annually on account of depreciation in accordance with the provisions of paragraph VI of the Sixth Schedule. IV. The auditor's cost under this Schedule shall be shared equally by the Board and the licensee concerned.