State Act

The Oriental Gas Company Act, 1960

7. (1) The State Government may, if it so thinks fit, at any time within the period of five years referred to in section 4, acquire the undertaking of the Company by notification published in the Official Gazette for the purposes of this Act. (2) On the publication of the notification under sub-section (1), the undertaking of the Company shall, on and from the beginning of the day on which the notification is so published, vest absolutely in the State Government free from all incumbrances. (3) If the undertaking of the Company be not acquired by the State Government in accordance with the provisions of sub-section (1), the State Government shall, on the expiry of the period of five years referred to in section 4, by order made in this behalf, transfer the management and control of the undertaking to the Company after removing or disposing of such additions to the undertaking as may have been made by the State Government at its own cost in accordance with the provisions of sub-section (2) of section 6, unless the Company agrees to pay the amount being the cost of such additions less such depreciation as may be agreed upon or, in the absence of agreement, determined by a Tribunal appointed for the purpose. The amount so agreed upon or determined shall be paid by the Company to the State Government within such time as may be agreed upon or allowed by the Tribunal and until such payment, the amount shall be a charge on the undertaking of the Company.