Where any arrangement in regard to the supply of electric power or the supply of water for any area in the districts of Daman and Diu of the existing Union territory or in regard to the execution of any project for such supply from an area included in the State of Goa by the provisions of Part II exists, such arrangement will be continued, unless terminated by agreement, between the State of Goa and the Union in accordance with such terms and conditions as may be mutually agreed upon by the State Government of Goa and the Union within a period of one year from the appointed day, and, where no such agreement is arrived at within such period, the Central Government may give such directions as it deems fit to that State Government or the authority concerned for the continuance, so far as is practicable, of the previous arrangement.