The Third Schedule
  

       V. The licensee shall have the option, to be exercised by a date not later than three months prior to the date of closing down, either --
  

(a)	(i)	to sell the station at any time after the date of closing down, and
	(ii)	to purchase the whole of the electricity supplied to him by the Board at the Grid Tariff, or
(b)	(i)	to purchase the Board to purchase the station 1[or the entire undertaking] at the date of closing down at a price determined under the Fourth Schedule, and
	(ii)	to purchase the whole of the electricity supplied to him by the Board on the term hereafter set out in this Schedule.

       VI. Where a licensee exercises his option under paragraph V in terms of clause (b) thereof, the Board shall comply with the requirement to purchase under sub-clause (i) of that clause, and the following provisions of this Schedule shall apply.

       VII. As soon as practicable after the licensee has exercised his option as aforesaid, there shall be ascertained and agreed between him and the Board the following quantities in respect of each year of account subsequent to the date of closing down, namely :--

                (a) The maximum capacity of the station, that is to say, the maximum capacity (expressed in kilowatts available for supply to feeders) of such plant and works appertaining to the generation of electricity at the date of closing down as would have been available for reliable and regular commercial operation on the first day of the year of account, had the station not been closed down under this Schedule and had no replacement of any major item of such plant or works been carried out subsequent to the date of closing down.

                (b) The number and size of units of plant and works, forming part of the aforesaid plant and works, which would have represented reasonable standby in the station.

                (c) The standby capacity of the station, that is to say, the number of kilowatts (expressed in kilowatts available for supply to feeders) by which the maximum capacity of the station would be reduced if the standby plant and works referred to in clause (b) were to be left out of account.

                (d) The agreed effective capacity of the station, that is to say, the number of kilowatts by which the maximum capacity exceeds the standby capacity.

       VIII. As soon as practicable after the date of closing down there shall be ascertained in agreement between the Board and the licensee in respect of each of the three consecutive years of account immediately preceding the date of closing down (hereafter in this Schedule referred to as the basic years) -

                (a) the sums expended by the licensee and wholly attributable to the generation of  electricity under the following heads, namely : --
                    (i) Fuel;
                    (ii) less oil, water and stores consumed;
                    (iii) salaries and wages and any contribution by the licensee for pensions, provident fund, superannuation & insurance of officers & servants;
                    (iv) repairs and maintenance; and renewals not chargeable to capital account;
                    (v) management, rents, rates and taxes (including super-tax payable by the licensee as a company, but excluding other taxes on profits), insurance of plant and general establishment charges;
                    (vi) any other expense on revenue account;