Finances of licensees. -

General199961 sections

Statutory text

(1) The State Government may, from time to time make subventions to any licensee for such amounts as may be recommended by the Commission and on such terms and conditions as the State Government may determine. (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 partly owned by the State Government on such terms and conditions, not inconsistent with the provisions of this Act or the Electricity (Supply) Act, 1948 (Central Act No. 54 of 1948) 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 any licensee or generating company which is for the time being wholly or partly owned by the State Government, or for the discharge of any other financial obligation of any such licensee or generating company. (4) The State Government shall have power to inspect and verify the account of every licensee or Generating Company obtaining the benefits under sub-sections (1), (2) or (3).

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