The Electricity (Supply) (West Bengal Amendment) Act, 1979
West Bengal Act 42 of 1979
(a) after sub-paragraph (1), the following sub-paragraph shall be inserted:-"(1A) The licensee may, with the previous approval of the State Government, take an advance from the Contingency Reserve during the currency of the licence to meet such charges and on such terms and conditions as the State Government may determine.";
(b) for sub-paragraph (2), the following sub-paragraph shall be substituted:-"(2) On the purchase of the undertaking the following amounts shall be handed over to the purchaser and maintained as Contingency Reserve:-
(a) the Contingency Reserve after deduction of the amount drawn under sub-paragraph (1), and
(b) the amount which has not been repaid out of the advance taken from the Contingency Reserve under sub-paragraph (1A) together with interest, if any, payable on the advance:Provided that where the undertaking is purchased by the Board or the State Government, the amounts, referred to in clauses (a) and (b) above shall, after deduction of the amount of compensation, if any, payable to the employees of the outgoing licensee under any law for the time being in force, be handed over to the Board or the State Government, as the case may be.".