4. Section 76 of the principal enactment as amended by law No .16 of 1973, is hereby repealed and the following section is substituted therefor : -
| 76
| | (1) The amount of compensation to be paid under this Act in respect of any premises vested in the Bank shall be -
| | | (a) where such premises were acquired by the person who was the owner thereof prior to the publication of the vesting Order in regard to such premises, by purchase, the actual amount for which such premises were purchased by such person together with such interest thereon as may have been determined by the compensation Tribunal and an additional sum which is equal to the reasonable value of any subsequent additions and improvements made to such premises before the publication of the vesting Order in regard to such premises by any person who was interested in premises or the market value of such premises, whichever is less; |
| (b) where such premises were acquired by the person who was the owner thereof prior to the date of publication of the vesting Order in regard to such premises, by gift or inheritance, the actual amount for which such premises were purchased by the predecessor in title of such person together with such interest thereon as may have been determined by the compensation Tribunal, and an additional sum which is equal to the reasonable value of any additions and improvements made to such premises, by any person who was interested in such premises subsequent to such purchase and before the publication of the vesting Order in regard to such premises or the market value of such premises, whichever is less. |
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| | (2) Where any damage had been caused to any premises vested in the Bank under this Act, during the period commencing on the date of the notice sent under subsection (2A) of section 3 to the owner of such premises and ending on the date of publication of the vesting Order in regard to such premises, the Compensation Tribunal shall have the power to assess the amount of such damage and to set-off against the compensation payable in respect of such premises, the amount so assessed. ". | | |
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Sri Lanka Consolidated Acts