Lawgist21Vesting of utility in purchaser
Where a utility is sold under section 20 or section 24, then, upon completion of the sale or on the date on which the utility is delivered to the intending purchaser, as the case may be, whichever is earlier--
(a) the utility shall vest in the purchaser or the intending purchaser, as the case may be, free from any debt, mortgage or similar obligation of the licensee or attaching to the utility:
Provided that any such debt, mortgage or similar obligation shall attach to the purchase money in substitution for the utility; and
(b) the rights, powers, authorities, duties and obligations of the licensee under his licence shall stand transferred to the purchaser and such purchaser shall be deemed to be the licensee.
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- 12 Authorised persons to transmit, supply, etc., electricity
- 13 Power to exempt
- 14 Grant of licence
- 15 Procedure for grant of licence
- 16 Conditions of licence
- 17 Licensee not to do certain things
- 18 Amendment of licence
- 19 Revocation of licence
- 20 Sale of utilities of licensees
- 21 Vesting of utility in purchaser
- 22 Provisions where no purchase takes place
- 23 Directions to licensees
- 24 Suspension of distribution licence and sale of utility
