5.
| (1) The amount of the compensation payable in respect of any land vested in the Corporation shall be a sum equal to the value which that land would have realized if sold in the open market on the date on which that land was so vested: |
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| (2) In determining the compensation payable under sub-section (1) in respect of any land vested in the Corporation any sum which had been paid in .advance to the owner of such land as rent for any period after the date on which the land was so vested shall be deducted from the amount of the compensation. |
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| (3) Section 48 of the Ceylon Petroleum Corporation Act shall apply in the assessment of the amount of compensation payable under this Act in respect of .land requisitioned for the Corporation subject to the following modifications: -
| | (a) that there were substituted for the word. " property " occurring in that section, the? word " land ", | | |
| | (b) that there were added at the end of sub-section (1) of that section the following proviso: - | | |
| | (c) that there were added at the end of that section the following new sub-section: - | | |
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| (4) Sections 49 and 50 of the Ceylon Petroleum Corporation Act shall apply in relation to the payment of compensation under this Act subject to the modification that there were substituted for the word " property " occurring in each of those sections, the word "land ", |
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Sri Lanka Consolidated Acts