2. Section 45 of the Land Acquisition Act is hereby amended in subsection (3) thereof, by the substitution, for the words if it does not fall within such street lines or building limit, of the following :- if it does not fall within such street lines or building limit : Provided that the acquiring officer shall, notwithstanding anything in this Act, tender and make payment of compensation in respect of that portion of land in the following manner :-
| (a) he shall forthwith on the making of an award under section 17 in respect of that portion, pay to the persons entitle to compensation according to that award in the proportions in which such compensation has been apportioned to such persons by that award, cash in an amount equal to-
| | (i) the market value of such portion of land on March 31, 1978 ; or | | |
| | (ii) the market value of such portion of land on the date on which the street lines or building limits within which such portion is situated, were defined, whichever date is later ; and | | |
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| (b) the difference between the market value of that portion of land on the date on which a notice under section 7 was published in respect thereof and the amount paid under paragraph (a) shall be paid to the persons entitled to compensation according to the award made under section 17 in the proportions in which such compensation has been apportioned to such persons by that award, in the form of Government bonds escapable after ten years and carrying interest at the current rate of interest payable on medium-term Government bonds issued by the Central Bank of Sri Lanka . |
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Sri Lanka Consolidated Acts