14. Section 42J of the principal enactment is hereby amended as follows:
| (a) by the insertion, immediately after subsection (2) of that section, of the following new subsections:
| | (2A)
| | | (a) Where on the date of enactment of this subsection, no compensation has been paid in respect of any estate land vested in the Commission under this Part of this L w, the compensation payable in respect of such estate land shall, notwithstanding anything in the preceding provisions of ,this section, be computed on either of the following basis, according to the election of the person in possession of the estate land on the date immediately preceding the date on which such ,estate land vested in the Commission-
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| | (b) Where any person is -entitled to, compensation computed in accordance with subparagraph- (i) of paragraph (a) of this subsection in respect of any estate land, and such estate land: has, within the seven years immediately preceding the date on which such land vested in the Commission, been planted or replanted with any agricultural crop specified in Column I hereto, such person shall be entitled, in addition to the compensation so computed, to the payment of a sum equal to the sum specified in the corresponding entry in Column II hereto for each acre of estate land so planted or replanted.
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| | (c) There shall be deducted from any amount computed in accordance with sub-paragraph (i) of , paragraph (a) as the compensation payable in respect of any estate land, every sum paid as subsidy for replanting, factory modernization, tea chests and fertilizer by the Government or any State Corporation in respect of that estate land during the five accounting years immediately preceding the date on which such estate land vested in the Government. | | |
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| (2B) Where on the date of enactment of this subsection, no compensation has been paid in respect of any estate land vested in the Commission under this Part of this Law and on the date of investing there were nett current assets on such estate lands which were taken over by the Commission, the compensation payable .under subsection (2A) shall be increased by an amount equal to the book value of such nett current assets. |
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| (2c) Nothing in subsections (2A) and (2B) shall apply to the computation of the amount of compensation payable to any company incorporated in the United Kingdom which has not entered into any agreement or negotiated settlement at the date of enactment of this subsection in respect of the amount of compensation payable in respect of such estate land, and compensation in respect of such estate land shall be payable in terms of subsection (2). |
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| (2D)
| | (1) Where any public company receives any amount as compensation computed in accordance with the provisions of subsection (2) or subsection (2A) or subsection (2B) it shall be the duty of such company, notwithstanding anything in the companies Ordinance, or any other law, to distribute such compensation, after meeting its liabilities as allowed by the Commission, to the share holders of such company within six months from the date of receipt of the compensation or where such compensation is received in installments, within six months from the receipt of each installment. | | |
| | (2) Where the share capital of any such company as is referred to in subsection (1) is divided into different classes of shares the distribution of the compensation shall be in accordance with the rights attached to each class of shares. | | |
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| (2E) Where a public company which has distributed, in accordance with the provisions of subsection (2D), any amount received by it as compensation resolves that it is not possible in consequence of such distribution, to carryon business, it may apply to the Registrar of Companies to have its name struck off the register of companies. |
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| (b) by the repeal of subsection (4) of that section and the substitution therefor of the following subsection :
| | "(4) The compensation payable, less any deductions that may be made from such compensation under this Part of this Law, shall carry interest, at the rate of ten per centum per annum, as from the date on which possession of the estate land in respect to which compensation is payable was taken by the Commission, until payment.". | | |
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Sri Lanka Consolidated Acts