(1) The Council shall receive bulk supply of electricity from the authority which may be prescribed by the Central Government.
     (2) The Council shall be entitled to receive bulk supply of electricity from that authority prescribed by the Central Government subject to such terms and conditions as may be determined by means of a contract entered into between that other authority and the Council. The contract mentioned in this sub-section shall provide also for a stipulation therein that disputes between that other authority and the Council in regard to any matter relating to the bulk supply of electricity to the Council shall be referred to the Central Government whose decision thereon shall be final and binding on both parties.