8. Where, on the expiration of any of the periods referred to in section 7, sub-section (1), neither a local authority nor the Government purchases the undertaking, and the license is, on the application or with the consent of the licensee, revoked, the licensee shall have the option of disposing of all, lands, buildings, works, materials, and plant belonging to the undertaking in such manner as he may think fit:Provided that, if the licensee does not exercise such option within a period of six months, the Government may proceed to take action as provided in section 5, clause (f), proviso.