Variation of transfer

Infrastructure199559 sections14 chapters

Chapter VII Chapter VII

Statutory text

(1) The State Government may provide that the transfers in terms of sections 23 and 24 shall be provisional for a period of twelve months from the effective date and reserve the right to alter, vary, modify, add or otherwise change the terms in such manner as the State Government may consider appropriate.
(2) At any time before the end of the period of twelve months commencing on the effective date, the Gridco or OHPC, to whom property, interest on property, rights, liabilities and personnel have been transferred, may with the consent of the State Government, draw up a transfer scheme to vest some or all of the property, rights, liabilities and personnel in another licensee, or generating companies subject to the consent of such other licensee or generating company to such vesting and any such transfer scheme shall take effect as if it were a transfer scheme under sections 23 and 24: Provided that if such other licensee is a person or an undertaking not wholly owned by the State Government, the Commission shall give effect to the transfer only for fair value to be paid by the transferee to the State Government.

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