I. For the purposes of this Schedule -- 

                (a) “date of vesting” means the date on which the undertaking, generating station, main transmission line or asset forming part of such station or line, as the case may be, vests in the Board. 

                (b) “original cost” of an asset means the amount of expenses certified or determined under paragraph II to have been properly incurred on and incidental to the provision of the asset for the purposes of the undertaking, generating station or main transmission line, as the case may be; 

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       II. The price to be paid for any undertaking, generating station or main transmission line as the case may be purchased by the Board under this Act. shall be such sum as may be certified by an auditor appointed by the State Government in this behalf to have been the amount properly incurred on and incidental to the establishment of the undertaking station or main transmission line, as the case may be, less depreciation thereon ²[calculated in accordance with the provisions of paragraph VI of the Sixth Schedule] : 

       Provided that there shall be added to such sum as aforesaid on account of such purchase of the generating station or main transmission line such reasonable compensation as may be determined by the Board having due regard to the fact that a portion of the undertaking is to be acquired. 

       Provided further that if the Board or the licensee is dissatisfied  with the sum so certified, the matter  shall, in default of agreement between them, be determined ³[by arbitration] as provided in section 76. 
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       IV. The auditor appointed under paragraph II shall be a person qualified under the provisions of section 144 of the 1Indian Companies Act, 1913, to act as an auditor of companies. 7 of 1918 

      V. The auditor’s costs under this Schedule shall be shared equally by the Board and the licensee concerned.