Ascertainment of basic years and expenses

As soon as practicable after the date of closing down there shall be ascertained in agreement between the Board and the licensee in respect of each of the three consecutive years of account immediately preceding the date of closing down (hereafter in this Schedule referred to as the basic years)- (a) The sums expended by the licensee and wholly attributable to the generation of electricity under the following heads, namely: (i) Fuel; (ii) Oil, water and stores consumed; (iii) Salaries and wages and any contribution by the licensee for pensions, provident fund, superannuation and insurance of officers and servants; (iv) Repairs and maintenance, and renewals not chargeable to capital account; (v) Management, rents, rates and taxes (including super-tax payable by the licensee as a company, but excluding other taxes on profits), insurance of plant and general establishment charges: (vi) Any other expense on revenue account; (b) The actual effective capacity of the station on the first day of each such year agreed in accordance with the principles set out in para, IX of the First Schedule.