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The Punjab State Electricity Board Rules, 1959
Published vide Notification No. 777-Irr-EL-59/2087, Dated 30.1.59
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Part-I
Preliminary
[1. Short Title. - These rules may be called the] [Punjab State Electricity Board Rules, 1959;] 2. Definitions. - In these rules, unless the context otherwise requires, the following expressions have the meanings hereby assigned to them, that is to say :-(1) 'Act' means the Electricity (Supply) Act, 1948 (LIV of 1948).
(2) 'Board' means the State Electricity Board, constituted under Section 5 of the Act.
[(3) 'Chairman' means the Chairman of the Board appointed under sub-section (5) of Section 5.]
(4) 'Committee' means a Local Advisory Committee constituted by the Government under Section 17 of the Act.
[(6)'Government' means the Government of the State of Punjab.]
(7) 'Government Servant' means a person in the employment of Government.
(8) 'Member' means a member of the Board.
(9) 'Member of the Council' means a member of the Punjab Board Electricity Consultative Council .
(10) 'Member of the Committee' means a member of a Local Advisory Committee constituted under the Act.
(11) 'Section' means a section of the Act.
[(11-a) 'Security' means any stock or bond issued or any mortgage granted by the Board.]
(12) Other expressions have the meanings respectively assigned to them under the Indian Electricity Act, 1910 (IX of 1910) and the Electricity (Supply) Act, 1948 (LIV of 1948).
Part II
The Board
Term of office, Remuneration, Allowance and Conditions of Service of the Chairman and Members of the Board [3. Appointment and term of office. - The Chairman and other Members shall be appointed by the Government to hold office for periods not exceeding five years and they shall be eligible for [re-appointment.] 4. Age. - No person shall hold the office of Chairman or Member, as the case may be, beyond the age of sixty-two years: [Provided that if in the opinion of the Government, it is expedient so to do, in public interest, it may allow a person to hold the office of the Chairman or Member beyond the age of sixty-two years for a period not exceeding one year.] 5. (i) The Chairman shall receive a remuneration in the pay scale of Rs. 7,300-100-7,600 and the Member in the pay scale of Rs. 5,900-200-6,700, and in addition thereto, they shall also be entitled to get such other allowances as may be admissible from time to time to the Government employees getting similar pay";(ii) in the first proviso to sub-rule (1), in clause (ii), for the words, letters and figures, "or in the scale of Rs. 2,500-125/2-2,750, plus special pay of three hundred rupees per month in the case of Chairman and two hundred and fifty rupees in the case of a member", the words, letters and figures "or in the scale of Rs. 6,300-100-7,600 in the case of Chairman and Rs. 5,900-200-6,700 in case of a Member" shall be substituted; and
[Provided that in case of. - (i) A person, who on the date assuming office as Chairman or Member, is a retired employee of the Central Government, the Government of Punjab or the Board; the remuneration as Chairman or Member, as the case may be, shall be, -](a) fixed, as initial ay at the same stage in the scale of pay of the post on which he is re-employed as his last pay drawn before retirement in the scale of pay, of the post held by him before retirement and if there is no such stage in the re-employed post, the pay shall be fixed at the stage above that pay. If the last pay-drawn is more than the maximum of the scale of pay in which he is re-employed, the initial pay shall be fixed beyond the maximum of that scale in the manner indicated above at the appropriate stage in the master scale of rupees 750-20-950-25-1,200-30-1,560-40-2,000-50-60-2,700-75-3,000- 100-4,000-125-5,000-,150-5,400-5,900-200-6,700 which may be extended up to seven thousand and three hundred rupees in the scale of a Member and in the case of Chairman, it may be extended up to seven thousand and six hundred rupees and the increments beyond the maximum of that scale will be treated as ex gratia increment. If the minimum of the scale of pay in which such person is re-employed, is more than the last pay drawn by him before retirement, the initial pay shall be fixed at the minimum of the scale of pay of the post re- employed and in such cases, the pension prior to commutation, shall be reduced from the initial pay so fixed, however, he shall be permitted to draw separately any pension sanctioned to him and to retain any other form of retirement benefit.
In case such person in an ex-serviceman, his initial pay on re-employment shall be fixed at the minimum of the scale of pay of the post of Chairman or Member as the case may be;(b) When the initial pay of a person has been fixed in the manner indicated in (a) above, he may be allowed to draw normal increment in the time scale of the post of Chairman or Member, as the case may be, as if the pay had been fixed at the minimum of the higher stage or the maximum or beyond the maximum of that scale of the post, as the case may be, subject to the condition that the pay does not at any time exceed seven thousand and six hundred rupees per mensem, in the case of Chairman and seven thousand and three hundred rupees, in the case of Member.
In case the person re-employed is an ex-serviceman, he may be allowed to draw normal increments in the time scale of the re-employed post, subject to the condition that the pay and pension taken together do not at any time exceed seven thousand six hundred rupees in the case of Chairman and seven thousand and three hundred rupees in the case of Member;(c) allowed personal pay, as a special increment, for promoting small family norms, at the same rate at which it was drawn by the re-employed retiree before retirement, in addition to the pay given in the re-employed post. The personal pay granted for loss of basic pay in the post held by the re-employed retiree before his retirement, shall be given in addition to the initial pay fixed on the re-employed post and it shall be absorbed in future increase in the pay : and
(d) the dearness allowance calculated on the basic pay drawn before reduction of pension in the re-employed post.
In the case of an ex-serviceman, the dearness allowance shall be calculated on the basic pay allowed in the re-employed post and pension taken together subject to the condition that it shall not exceed seven thousand and six hundred rupees in the case of Chairman and seven thousand and three hundred rupees in the case of Member. The dearness allowance shall not be allowed to be drawn on pension admissible to the re-employed person in both the cases above. If allowed, the same shall be deducted from the said allowance admissible on the re-employed post;(ii) A person who on the date of assuming office as Chairman or Member is in the service of the Central Government, the Government of Punjab, or the Board, he shall, on appointment as Chairman or Member have the option to draw pay of the post held by him immediately prior to his appointment as Chairman or Member or in the scale of Rs. 2,500/- 125/2-2,750, plus special pay of three hundred rupees per month in the case of Chairman and two hundred and fifty rupees in the case of a Member;
(iii) A person, who being in the service of the Central Government, the Government of Punjab or the Board retires from parent service during the tenure of his appointment as Chairman or Member, his remuneration, immediately after his retirement, shall be governed by the provisions contained in clause (i).
Provided further that a person appointed as Chairman or Member, immediately before the commencement of the Punjab State Electricity Board (Amendment) Rules, 1984, shall have a right of option to be governed in respect of his remuneration by the rules immediately in force before such commencement." (2) A member who, in the absence of the Chairman on leave or otherwise, is asked to perform the additional duties of the Chairman shall be entitled to additional remuneration of Rs. 200 per mensem which will not be paid for a period of less than 14 days. (3) If a Government Officer is appointed as Chairman in addition to his own duties he shall be paid special pay of Rs. 300/- per mensem for performing the duties of Chairman. (4) A part-time non-official member shall be paid a sum of Rs. 150/- [per meeting in addition to the Travelling Allowances from the place of his residence to the Headquarters of the Board or such other place where a meeting is held and back for the purpose of attending the meetings of the Board as admissible under rule 7 except that daily allowances shall not be admissible.] Provided :- that where a member attends a meeting from the place other than permanent place of his residence he shall get travelling allowances from the place of his residence or from the place from where he attends the meeting, whichever is nearer. 6. Resignation. - The Chairman or Member may resign his office by giving three months notice in writing to the Government. The Government may if it thinks fit, waive such a condition. 7. Travelling allowance. - (a) Subject to Rule 5(4) [the Chairman and other Members whether Government officers or officers of the Board or otherwise, shall, for journey performed for the purposes of the Board, be entitled to the travelling allowances at the rates for the time being admissible under the Punjab Civil Services Rules to officers of grade I.] [Provided that the daily allowance in the case of Chairman and a whole-time member shall not be less than eighteen rupees per day."](b) No journey outside the jurisdiction of the Board shall be undertaken by the Chairman [without the prior approval of the Board.]
[7A. Medical Facilities. - The Chairman and the Members and members of their families shall be entitled to such medical facilities as are admissible to class 1 officer of the Government and to the members of their families.] [7B. Accommodation Facilities. - The whole-time Chairman and the Whole-Time-Members residing at the Headquarters of the Board shall be entitled to residential accommodation owned or requisitioned by Government or residential accommodation owned by the Board, if and when available, on payment of ten per cent of their emoluments, subject to the condition that in case of Government-owned or requisitioned accommodation the difference of rent worked out under rule 45-B of the Fundamental Rules and that actually paid by Chairman or the Members as the case may be, at ten per cent of his emoluments, shall be paid to Government by the Board.] 8. Leave and Leave Salary. - (a) The Chairman and the Members who are Government officers or officers of the Board shall be entitled to such kinds of leave, including casual leave, as is permissible to them under the provision of Service Rule applicable to them. The Chairman and the Members who are not Government officers or officers of the Board shall be entitled to such leave and leave salary as is admissible to Government Servants engaged on contract on similar salaries under the Punjab Civil Service Rules in force on the date of the sanction of the leave.(c) The Chairman shall be competent to sanction casual leave and any other kinds of leave without a substitute to the Members and the Secretary of the Board, and leave of any kind with substitute shall be sanctioned to them by the Government.]
(d) The Part-Time Members will not be entitled to any leave except that their [absence from any meeting may be condoned by the Board.]
[Provided that the absence of a Part-Time Member for three or more consecutive meetings of the Board shall be referred to the State Government for condonation.] 9. Functions of Non-official Part-Time Members:- Non-official Part Time Members when appointed shall attend the meetings of the Board and take full part in the deliberations of the meetings. They shall not be placed incharge of any particular subject on a regular basis. They may, however, be entrusted by the Board with special duties from time to time. [9A. Whole-Time Members not to Accept any other Assignment]. - No Whole-Time member so long he continues as member accept any assignment other than that of the [Board.]Part-III
State Electricity Consultative Council and Local Advisory Committee.
[10. State Electricity Consultative Council]. - In addition to the Members of Board, the Council shall consist of the [Sixteen members appointed by the State Government to represent various interests in the following manner, namely] :-(1) One member to represent Local Self-Government.
(2) One member to represent Electricity Supply Industry.
(3) One member to represent Commerce.
(4) One member to represent Transport.
[(5) One member to represent Labour employed in Electricity Supply Industry.]
(6) One member to represent Village Industries.
(7) One member to represent the State-owned and aided Industries.
(9) One member to represent the general consumers of electricity.
(10) Three members to represent Agriculture.
(11) Three members to represent tubewell owners and those persons whose land (area) is irrigated by tubewells.
11. Secretary of the State Electricity Consultative Council. - (1) An officer of the Board may be appointed by the Board as ex-officio Secretary to the Council. (2) It shall be the duty of the Secretary to the Council, with the approval of the Chairman of the Council to call meetings of the Council, and to give to the Members thereof not less than 14 days notice in writing of the date, time and place of the proposed meeting. (3) There shall be an annual meeting of the Council to consider the annual financial statement of the Board. The Council shall also meet when a Supplementary statement is placed before it. The Council may submit a report to Government on any financial statement placed before it by the Board. (4) In addition to meetings of the Council required to be held under the provisions of Section 16 of the Act, the Chairman may call a special meeting of the Council whenever he deems it necessary. [12. Tenure of members of council. - the members of the Council other than the members of the Board, shall hold office for a period of [One Year] and shall be eligible for re-appointment. 13. Proceedings. - The Proceedings of the every meeting of the Council shall be recorded in a Minutes book to be kept for the purpose and shall be signed by the Chairman and the Secretary of the Council at that or at the next meeting. [14. Quorum :-The quorum of a meeting of the Council shall be one-third of the total number of members appointed by the State Government. All questions arising for decision shall be decided by a majority of votes, and the names of the persons voting for and against a motion shall be recorded in the Minutes Book. In the event of an equality of votes, the Chairman shall have and exercise a casting or second vote. If at the commencement of a meeting or at any time during its progress after commencement, there is no quorum, it shall be adjourned. No quorum shall be necessary at an adjourned meeting.] 15. Business at adjourned meeting etc.(a) No matter shall be considered at an adjourned meeting other than a matter left over at the meeting from which the adjournment took place.
(b) Any point of [order or any matter raised] at a meeting of the Council shall be decided by its Chairman and his decision shall be final.
(c) No proceedings of the council shall be invalidated by reason merely of a vacancy or vacancies existing in the Council [*]
(d) A notice shall be deemed to be duly issued if it is sent within the prescribed time to the Member of the Council by peon or by registered post at the address which the Member of the Council has communicated to the Board in writing.
(f) In cases not expressly provided for in these Rules for the conduct of a meeting, the decision of the Chairman presiding at the meeting on all matters relating to the conduct of business at the meeting shall be final.
16. Officers not Entitled to vote. - Officers of the Board, not being Members thereof, may be invited by the Chairman of the Council to attend meeting of the Council, and such officers may take part in the deliberations of the Council but not be entitled to vote. 17. Place of Meeting.. - Unless Government otherwise direct all meetings of the Council shall be held at the Head Office of the Board. 18. Fees and Travelling Allowance for Members of the Council. - (1) A Member of the Council shall not be entitled to any remuneration other than that provided in this rule. (2) Travelling allowance of such members of the Council as are also members of the Board shall be regulated in accordance with the provisions of rule 7. A member of the Council, who is neither a member of the Board nor a Government servant shall be entitled to draw travelling and daily allowances at the same rate as are admissible to a Government servant of the first grade drawing pay not more than [Rs. 2500/-] per month. Such members of the Council as are not Members of the Board but are Government servants shall draw travelling and daily allowances according to the rates to which they are entitled under the rules governing them; [Provided that a member of the Board shall not be entitled to draw the aforesaid allowances for attending any meeting of the Council, if on the same day a meeting of the Board is held.] (3) No Member of the Council shall, except with the previous permission of the Chairman of the Board, disclose to any person, other than a Member of the Board or another Member of the Council any information relating to the affairs of the Council, or allow such person to inspect or have access to any books, documents or other papers relating to the business of the Council, required to be treated as "CONFIDENTIAL."Local Advisory Committee.
19. Term. - The term of appointment of a Member of a Local Advisory Committee to be constituted by Government under Section 17 of the Act shall be two years; provided that, if the circumstances so warrant, the Government may extend the same by a year. 20. Secretary of the Committee. - (1) An officer of the Board may be appointed by the Board to serve as ex-officio Secretary to any or all Committees. (2) It shall be the duty of the Secretary of the Committee to call meetings of the Committee in accordance with instructions received from the Chairman of the Board. 21. Meetings of Committees. - Committee shall meet on such dates and at such places as may be notified by the Secretary of the Committee. 22. Procedure. - All questions arising for the decision shall be determined by a majority of votes, and the names of persons voting for and against a motion shall be recorded in minutes Book. [In the event of an equality of votes the Chairman of the Committee shall have and exercise, a casting or second vote.] 23. Record of Minutes. - The name of the members of the Committee present at the meeting and the proceedings of each meeting shall be recorded by the Secretary of the Committee in a Minutes Book to be provided for the purpose which shall be signed as soon as may be after such meeting by the Chairman of such meeting and it shall be open to inspection by members during the office hours. Details relating to any matters decided by majority on opinions obtained by the Chairman of the Committee by circulation of papers shall be recorded by the Secretary of the Committee over the signature of the Chairman of the Committee in the Minutes Book. 24. Confirmation of Minutes. - The minutes of a meeting shall be confirmed by the Committee as a first item on the agenda of its business at its next meeting and shall be signed by the [Chairman and the Secretary of the Committee.] 25. Eligibility of Members of the Committee for Reappointment. - The member of the Committee shall be eligible for re-appointment. 26. Travelling Allowances for the Members of the Committee.. - (1) No member of Committee shall be entitled to any remuneration except the Travelling Allowance provided in sub-rule (2). (2) Travelling Allowance on the scale applicable to the Government servants of Grade I drawing pay not more than Rs. 1000 per mensem shall be payable to all non-official Members of the Committee for attendance at the meeting. The Chairman of the Committee and official members (if any) shall draw Travelling Allowance admissible according to the rules applicable to them. 27. Deleted. [28. Rules for State Electricity Consultative Council to Apply. - In all other matters not specifically dealt with in these rules the rules prescribed by the State Government for the Council shall apply mutatis mutandis to the Committees.]Part-IV
The Finance of the Board-borrowing.
Conditions subject to which the Board may Borrow
29. Particulars of borrowing to be furnished to Government. - Whenever the Board make an application for the sanction of the Government to borrow as required by section 65 of the Act, it shall furnish to the Government such particulars of the amount, purpose, nature, mode and circumstances of the proposed borrowing as the Government may require. 30. Mode of raising money. - (1) In addition to any sub-vention and loans received from the Government, the Board may, with the previous sanction of the Government raise or borrow any sum or sums of money from other sources by issuing debentures, bonds stock and/or by borrowing from Bankers of the purpose of the Act and may secure payments of repayment thereof in such manner and upon such terms and conditions as may be specified by the State Government in this behalf, (2) The Board may receive deposits and issue certificates for fixed terms bearing interest at such rates as the Government may by general or special order approve. 31. Temporary borrowing by Board. - The Board may, for the purpose of meeting any current expenditure properly chargeable to revenue or capital expenditure of an emergent nature borrow within the limits fixed in that behalf by the Government or raise any sum or sums of money by way of temporary loan, cash credit or over draft from any bank or otherwise, as it may require, on such terms, conditions and security, and in such form, as may be approved by the Board. The amount so borrowed together with the interest thereon, shall be repaid from current revenues within a period of three months from the date of temporary borrowing or such extended period not exceeding six months from the date of borrowing, as the Board may allow. 32. Powers to reborrow. - Subject to the provision of the Local Authorities Loans Act, 1914, the Board shall have the powers to reborrow :-(a) for the purpose of paying off any money previously borrowed by it which is intended to be forthwith paid; or
(b) in order to replace money temporarily appropriated from other funds of the Board in repaying money previously borrowed in accordance with these rules.
33. Application of money borrowed. - Except with the previous sanction of the Government money raised by the issue or grant of any security shall not be applied to purposes other than those for which the money was raised. 34. Temporary Investments. - The Board may, from time to time invest and/or deal with any money of the board not immediately required for the purpose for which it was raised in such investments and/or fixed term or call deposits as the Government may by general or special order approve, and from time to time, may vary or realize such investments and/or deposits.Part-V
The manner in which stock issued by the Board shall be issued, transferred, dealt with and redeemed.
35. Issue of Stock. - (1) All stock issued by the Board shall be redeemable stock and shall be created by and issued in pursuance of a resolution or resolutions passed by the Board. (2) The Board may issue such class or classes of stock as it may determine, but each class of stock shall have a distinctive title and shall be issued on the terms and subject to the conditions that all stock at any time belonging to that class shall bear one and the same rate of interest, shall become redeemable at the same time and shall in all other respects be of the same character. (3) Subject to the provisions of the Act and these rules, stock may be issued for such amount, at such price and such rate of interest as the Board may, with the previous approval of the Government, determine. 36. Redeemability of stock. - Stock issued by the Board shall be redeemed on the expiration of such period as Board may, with the approval of the Government by a resolution, determine; Provided that it may be redeemed before the expiration of the said period, if the Board by a subsequent resolution, so determines : Provided further that no stock shall be liable to be redeemed before the expiration of the latest date of repayment mentioned in the original resolution creating the stock unless atleast three months' notice of the intention to redeem the same has been given. 37. Issue of stock at premium. - Where the stock is issued at a price higher than that at which it is to be redeemed, the difference between the price of issue and the price of redemption shall, for the purpose of these rules, be credited to premium on stock account which may be utilised by the Board in any of the following manners -(i) by transfer to the reserve fund of the Board,
(ii) to wipe off the intangible assets,
(iii) to wipe off discount on the issue of stock,
(iv) in such other manners as may be approved by the Board.
38. Issue of stock at discount : - (1) Where stock is issued at a price lower than that at which it is to be redeemed, the difference between the price of issue and the price of redemption shall for the purpose of these rules, be treated as a loan authorised by the statutory borrowing power of the Board under section 65 of the Act, repayable within the period expiring on the earliest date on which the said stock may be redeemed. (2) For the purpose specified in sub-rule (1) the Board shall create a Discount Sinking Fund out of the revenues of the Board, for the period of currency of such stock or bond issues. 39. Powers to grant mortgages. - (1) Subject to the provisions of these rules, and for the purposes of raising any money which it is authorised to borrow under the Act, the Board may mortgage or charge the works and all the revenues of the Board or any specific property forming part of those works in the form as set out in Appendix 'D'. (2) For the purposes specified in sub-rule (1) the Board shall create a Discount Sinking Fund out of the revenues of Board, for the period of currency of such stock or bond issue. 40. Power to issue and renew bonds. - Subject to the provisions of these rules and for the purpose of raising any money which it is authorised to borrow under the Act, the Board may issue and renew bonds. 41. Security for bonds. - (1) The principal money and interest for which bonds are issued by the Board shall be secured on the covenant of the Board to pay and the principal money and interest secured by any bonds or class of bonds may in addition be charged upon or secured by a trust-deed charging the works and all the revenues of the Board or any specific property forming part of those works. (2) Bonds issued by the Board shall be called "Punjab State Electricity Board Bonds" or "Punjab State Electricity Board Mortgage Bonds" or "Punjab State Electricity Board Debentures" as the case may require. (3) Bonds shall be for amounts of one hundred, five hundred or one thousand rupees or multiples of one thousand rupees. (4) The principal money secured by a bond shall be repayable at such date within the period as may be specified in the bond. (5) Nothing in this rule shall be construed as prohibiting the Board from redeeming a bond at any time by agreement with the holder of the bond if it thinks fit to do so. 42. Extinction of securities redeemed or purchased. - If any security given under the foregoing rule is redeemed or purchased by the Board it shall be extinguished. 43. Unclaimed security. - If at the end of period of twenty years after the date (hereinafter referred to as "the date of redemption") on which any class of security is to be redeemed, the Board, by reason of the holder of any security of that class not forthcoming or by reason of any doubt as to the ownership of any such security, is not able to redeem the security, said security shall thereupon be deemed to have been extinguished and the sum credited to revenue. 44. Board lien on Bonds, Stocks and/or Debentures. - (1) The Board shall have a first [lien upon all the bonds, stock and/or debentures registered in the name of each holder (whether solely or jointly with others) and upon the proceeds of sale thereof for all moneys in respect of such bonds, stocks and/or debentures and no equitable interest shall be created except upon the fotting and condition that this rule shall have full effect and such lien extend to all interest from time to time payable in respect of such bonds or stocks or debentures. Unless otherwise agreed, the registration of a transfer of bonds, stocks or debentures shall operate as a waiver of the Board's lien, if any on such bonds, stocks or debentures.] (2) For the purpose of enforcing such lien, the Board may sell the bonds, stocks and/or debenture subject thereto in such manner as the Board thinks fit but no sale shall be made unless a sum in respect of which the lien exists is payable and until notice in writing of the intention to sell shall have been served on holder, his executors or administrators or other legal representatives as the case may be, and default shall have been made by him or them in the payment of the sum payable as aforesaid for fifteen days after the date of such notice. (3) The net proceeds of the sale shall be received by the Board and applied in or towards payment of such part of the amount in respect of which the lien exists as is presently payable and the residue, if any, shall be paid to such holder, his executors or administrators or other legal representatives, as the case may be. 45. Appointment and change of Registrars. - (1) The Board shall before making each issue of stock of bonds and before granting any mortgage appoint and thereafter continue to appoint on such terms and subject to such conditions and instructions not inconsistent with these rules as it thinks expedient, an officer of the Board or any banking or other company as Registrar of the stock or bonds to be issued or as Registrar of mortgages for all or any of the purposes of these rules. The general practice of the State Bank of India shall apply to all securities issued under these rules in respect of which the State Bank of India is appointed as the Registrar. (2) Subject to the conditions on which any security is issued the board may at any time, determine the appointment of the Registrar for the time being of that security and appoint another Registrar in his place. 46. Registers of securities. - Each Registrar shall maintain a register relating to each class of security fort which he is appointed Registrar (hereinafter referred to as "the Registrar") in which shall be entered :-(a) in the case of stock -
the name, address and description of each holder from time to time of stock of the class to which the register relates and the amount held by him.(b) in the case of mortgages -
(i) the names, addresses and descriptions of the parties to each mortgage, the number and date thereof, the amount for which the same is granted and particulars of the property mortgaged; and
(ii) the date of the registration of each mortgage and the date on which the same is paid off;
(c) in case of bonds -
the name, address and description of each holder from time to time of bonds of the class to which the register relates a statement of the amount of the bonds held by him, the periods for which they are issued, and, the property (if any) on which they are charged, and, if the bonds are secured by a trust deed, the numbers and dates of the certificates issued to him as hereinafter provided, or, if the bonds are not so secured the number of each bond held by him, and the date of registration of each bond and the date on which the same is paid off. 47. Certificates of registered stock and bonds secured by trust deed. - On the registration of stock or of bonds secured by a trust deed, the appropriate Registrar shall issue to the holder of the stock or bonds a certificate of the proprietorship of such stocks or bonds, as the case may be and such certificate shall be prima facie evidence of the title of the person named therein. 48. Right to transfer securities. - Subject to these rules and to the terms on which the security is issued the holder of any security may transfer the same in whole or in part except that no mortgage shall be transferred in part. 49. Transfer of stock and bonds secured by trust deed. - (1) Stock and bonds secured by a trust deed shall be transferred by an instrument in writing and shall be executed both by the transferor and the transferee and duly witnessed and the transfer shall be properly stamped. (2) The instrument of transfer and the certificate to which the same relates shall be deposited with, and retained by the appropriate Registrar. Such Registrar shall cause an entry thereof to be made in a book to be called "the register of transfers" and shall endorse on the deed of the transfer a note of that entry, and shall issue a new certificate or certificates to the transferee or the transferor, as the case may require. A separate register of transfers distinguished by a number or otherwise shall be kept for each class of stock and of bonds secured by a trust deed. (3) Not more than one class of stock or bonds shall be included in any transfer, and the deed shall relate only to the transfer and shall not contain any recital, power or proviso whatsoever. (4) The transferor of stock or of bonds secured by a trust deed shall be deemed to remain the holder thereof until the name of the transferee is entered in the register relating thereof. 50. Transfer of mortgages and bonds not secured by trust deed. - (1) Mortgages not secured by a trust deed shall be transferred by an instrument in writing. Each such deed shall be duly stamped and shall state its date and the consideration for the transfer and may be endorsed on the mortgage to which it relates. (2) The appropriate Registrar shall keep a register of transfers of mortgages not secured by a trust deed and as soon as may be after the date of every transfer the deed of transfer, shall be produced before the appropriate Registrar who shall cause entries to be made in the appropriate register of transfer of the date of such deed, the names, addresses and descriptions of the parties thereto and the number of the mortgage or bond transferred thereby, and until such entries have been made neither the Board nor the Registrar shall be in any manner responsible to the transferee. [A separate register of transfer of bonds, distinguished by a number or otherwise, shall be kept for each class of bonds not secured by a trust deed.] (3) On the registration of any transfer of a mortgage not secured by a trust deed, the transferee or his executors or administrators, shall be entitled to the full benefit of the original mortgage and the principal and interest secured thereby. (4) No person except the last transferee registered as aforesaid or his executors or administrators, shall be entitled to transfer, release or discharge any such mortgage or any money secured thereby. [50A. Transfer of bonds not secured by Trust deed. - (1) The bonds shall be in the form of debenture and shall be transferable by endorsement and delivery. (2) On the receipt of request from the Bond Holder for verification of endorsement, details for verification of endorsement shall be entered in the Register for verification of endorsements by the Registrar of issue. The Registrar shall not charge any fee for verification of endorsement.] 51. Transfer on death. - (1) The interest of deceased holder of any security, shall be transferable by his executors or administrators. (2) Where two or more persons are registered as holder of any security, those persons shall be deemed to be joint holders of such security with right of survivorship between them. (3) The Board or the appropriate Registrar may refuse to allow any executors or administrators to transfer any security until the probate of the will or the letters of administration to the estate of the deceased or a Succession Certificate under the Indian Succession Act, 1925 (XXXIX of 1925), has or have been left with the Registrar for registration and may require all the executors or the administrators to join in the transfer. 52. Transfer otherwise than by death of holder or transfer in books or by deed. - (1) If the interest in any security has been transferred by any lawful means other than a transfer in books or a deed in accordance with these rules on the death of a holder of the security, satisfactory evidence of the transfer shall be furnished to the appropriate Register by an affidavit of one or more competent persons or in such other manner as such Registrar, with the approval of the Board, may require. (2) The name of the person entitled under the transfer shall be entered in the appropriated register. (3) Until evidence has been furnished in accordance with sub-rule (1) the Board or such Registrar shall not recognise the transfer and no persons claiming under the transfer shall be entitled to receive any interest on the security. (4) For the purpose of this rule, the expression 'transfer' includes any case of apparent transfer in the name of the holder of a security although the actual ownership of the security may remain unaltered. 53. Registrar may take fees etc.. - A Registrar may refuse to permit an entry to be made in the stock transfer books kept by him to register any transfer of a security unless :-(i) the fee hereinafter mentioned is paid in respect thereof, and the instrument of transfer is accompanied either by the certificate or the deed creating the mortgage or (in the case of a bond nor secured by a trust deed) the bond to which it relates as the case may be, and
(ii) such other evidence, if any, as he may reasonably require to show the rights of the transferor to make the transferor is produced.
54. Registration fees. - (1) Except as otherwise provided by the conditions on which any security is issued, the appropriate Registrar shall be entitled to charge a fee not exceeding rupees three as the Board may from time to time prescribe in respect of the registration of each one of the following :-(a) any transfer,
(b) probate of will or letters of administration,
(c) change of name,
(d) power of attorney,
(e) order of court, and
(f) any other documents affecting the registration of a security.
(2) If any such registration affects more than one class of security, a separate fee may be charged in respect of each class. 55. Registers to be prima facie evidence. - Each register shall be prima facie evidence of any matters entered therein in accordance with these rules and of the title of any person entered therein as the holder of a security. 56. Inspection of register of mortgages. - The register of mortgages shall be open to inspection at all reasonable times by any mortgagee or other person entitled to a mortgage free of charge and any other person on payment of a fee not exceeding rupees five as the Board may from time to time determine. 57. Defaced or lost certificate. - (1) If any certificate of any security is torn or defaced, the appropriate Registrar shall, on surrender of the certificate and payment of a fee of rupees three, issue a new certificate to the person entitled to the surrendered certificate. (2) If it is shown to the satisfaction of the appropriate Registrar that any such certificate has been lost or destroyed, he shall, after due notification in the official Gazette and on receiving indemnity to his satisfaction against all claims in respect of the lost or destroyed certificate and on payment of the charges of notification and a fee of rupees three, issue a new certificate to the person entitled to the lost or destroyed certificate. (3) A memorandum of the issue of a new certificate shall be made thereon and in the appropriate register. 58. Closing of transfer books etc.. - (1) The appropriate Registrar with the approval of the Board and after giving due notice by public advertisement, may close the register of transfers of any class of security for a period not exceeding thirty days immediately preceding the date for the payment of interest on the security. (2) The persons who on the day of closing in accordance with sub-rule (1) are registered as holders of any security shall be entitled to the interest next payable thereon. 59. Notice of trust not to be recognised. - No notice of any trust express, implied or constructive in respect of any security shall be entered in any register or in any other book kept by the Board or any Registrar, or any certificate, or in any mortgage or in any transfer of any security, or, be receivable by the Board or any Registrar or effect any Registrar or the Board through any register or otherwise, and the receipt of any person in whose name any security stands in the register relating thereto shall be a sufficient discharge to the Board for any money paid in respect of such security. 60. Arrangements with bankers. - The Board may make any arrangement with, and provide for the proper remuneration of any banker with respect to the issue of securities the registration and transfer of securities, the payment of interest on securities, the keeping of books and other matters incidental to the issue, management, redemption and repayment of securities. 61. Saving for Government. - No security shall be issued or granted as a security in respect of which the payment of the principal and interest or the principal or interest is guaranteed by the Government until the amount, price, rate of interest, date and method of issue of such security the arrangements for the application of the proceeds of the issue and for the repayment of the proceeds have been previously approved by the Government and no variation of any such arrangements shall be made without the like approval of the Government. 62. Saving for power of revocation. - The Board may by resolution revoke at any time, in whole or in part, any resolution for the creation of any security passed by the Board if and so far as the same has not been acted upon by the issue or grant of securities thereunder, and shall forthwith give notice of any such revocation to the Government.The manner in which the Capital of the Board shall be regulated.
62A. For in which the Capital is to be provided. - The Capital which the State Government may provide to the Board under section 12-A and by conversion of its loans with the Board under section 66-A shall be in the form of equity stock and not in the form of share of any denomination (Sections 12-A, 66-A and 78-A.) 62B. Redeemability of Capital. - The capital or any part of it provided by the State Government to the Board under rule 62-A shall not be redeemed. 62C. Transfer ability of capital, investment of capital. - The Board shall invest the capital provided to it under rule 62-A in building and acquiring fixed assets for the purpose of the Act and shall not transfer it to any Government Undertaking. Provided that if the State Government so directs, such capital may be transferred to any generating company formed under section 15-A. 62D. Payment of dividends - Dividends on the capital shall be paid by the Board, in accordance with the provisions of section 67."Part VI
Annual Financial Statement and other Statements and reports to be submitted by the Board.
63. Form of annual financial statement. - The Annual financial statement to be submitted by the Board to the Government under section 61 of the Act, shall be in the form specified in appendix 'B'. 64. Supplementary statements. - A supplementary statement, if any, shall also be submitted to Government in the form specified in appendix 'B' during the year to which such supplementary statement pertains on such date as may be specified by Government in consultation with the Board. 65. Submission of statements to State Electricity Consultative Council. - The Board shall palace before the Council each year the annual financial statement in the form specified in Appendix 'B' not later than the 31st day of January each year. The supplementary statement, if any, shall also be placed before the council before submission to the Government. 66. Annual accounts. - (1) The Board shall prepare an annual statement of accounts including profit and loss account and the balance sheet in the form given in Appendix 'C'. [(2) The statement of accounts as certified by the Comptroller and Auditor General of India or any other person authorised by him in this behalf shall be published in the official Gazette and printed copies thereof shall be put on sale at a price to be fixed by the Board not exceeding Rs. 5 per copy.] 67. A copy of the statement of accounts as certified by the Comptroller and Auditor General of India or any other person authorised by him in this behalf, together with the audit report, shall be placed on the table of the State Electricity Consultative Council for information, at the earliest next meeting. 68. Submission of annual report. - The Board shall as soon as possible after the 31st day of March, in each year but not later than the 30th September submit to the Government an annual report of the Board's operation during the financial year ending on the 31st March. 69. Form and contents of the annual report. - The annual report shall in addition to matters of general interest and Statistical data as required in the form set out in Appendix 'A' contain, unless otherwise required by an order of the Government in writing in any year, a review of progress of Board's activities with particular reference to -(a) (i) administration;
(ii) general electrical development in the State;
(iii) engineering activities, investigation experiments and research.
(b) the progress made in planning and construction of any new power schemes;
(c) the progress made in the planning and construction of any new transmission system;
(d) details of any station or stations which the Board has closed down or over which the Board has resumed control during the year;
(e) details of any undertaking, generating stations or main transmission line which the Board has acquired under the provisions of section 23 or section 37;
(f) operation of Board's schemes including controlled stations and other activities under section 20;
(g) licensee's activities including names of licensees for whom rating committees were set up by the Board during the year under section 57-A to examine the charges for energy;
(h) details of any directions given to licensees being local authorities in respect of their undertakings under the provisions of section 58;
(i) labour relations, welfare and training schemes, details of the provisions of any inter-State agreement entered into with a contiguous State under the provisions of section 6;
(j) the matters referred to the Central Electricity Authority;
(k) the general financial position of the Board including reference to the profit or loss made during the year ;
(l) the financial prospects for the ensuing year and the technical progress anticipated during the year;
(m) details of Tariffs of the Board in force during the year and any charges made therein;
(n) review of the work of the Local Advisory Committees and Punjab Electricity Consultative Council constituted under the Act; and
(o) particulars regarding education training facilities and welfare schemes for staff and labour of the Board.
