The First Schedule 
 
 

       Provided further that if at the date of purchase of the station under this Act or of the licensee’s undertaking under the Indian Electricity Act, 1910, the said principal or any part thereof remains unpaid though due for redemption or is not on that  date due for redemption, then any sum payable by the purchaser as a percentage on account of compulsory purchase under this Act or the said Act shall be reduced by an amount which bears the same proportion to that sum as the amount of the said principal or part thereof remaining unpaid or not being due for redemption as aforesaid bears to the total of the ordinary, preference and debenture capital of the licensee and the loans advanced by the Board under this sub-paragraph. 

         Explanation – In this sub-paragraph, the expressions “ordinary capital”, “preference capital” and “debenture capital” have the meanings respectively assigned to them in the Sixth Schedule. 

         II. From the date of control the Board shall, except where prevented by causes beyond it’s control, be under obligation to supply to the licensee, and the licensee shall be under obligation to take from the Board, the whole of the electricity required by the licensee for the purposes of his undertaking, except such quantity of electricity as the licensee may for the time being be entitled under paragraph III to purchase from a source other than the Board or as he may be generating in another station, not being a controlled station. 

         III. Unless otherwise agreed between the Board and the licensee, the licensee shall not, where he has received a notice under paragraph I, purchase after the date of control any quantity of electricity from a source other than the Board : 

          Provided that where on the date of the receipt of such notice the licensee is bound under any contract to purchase quantity of electricity from some other source, he may, for a period not  exceeding two years after the date of control or for such further period, if any, as the Board may allow, continue to purchase electricity under the said contract from such other source. 

          IV. The Board shall pay to the licensee, whether or not any electricity is generated at the station, the costs ascertained in accordance with the provisions of the Eighth Schedule. 

          V.  The price to be paid by the licensee for electricity supplied by the Board shall be determined in the manner provided in the appropriate Part of this Schedule. 

          VI. The points at which electricity to be supplied under this Schedule shall be delivered by the Board and the licensee respectively shall, unless otherwise agreed between the Board and the licensee, be at the generating station, and the pressure of the supplies shall be such as the Board and the licensee may agree. 

          VII. Where any licensee owns more than one controlled station - 

          (a) Such of the several controlled stations as are inter-connected shall, for the purposes of this Schedule, be deemed to comprise a single controlled station, and, unless the subject or context otherwise requires, the provisions of this Schedule shall be construed as if the word “combined” had been inserted before the word “station” or the words “generating station” wherever they occur; 

         (b) the electricity supplied at the several controlled stations by the licensee to the Board, or by the Board to the licensee, shall each respectively be treated as single supplies;