9. Section 28 of the principal enactment is hereby amended by the addition, at the end of that section, of the following new subsections:
| (3)
| | (a) Where on the date of enactment of this subsection, no compensation has been paid in respect of any agricultural land vested in the Commission prior to that date, the compensation payable in respect of such agricultural land shall, notwithstanding anything in subsections (1) and (2), be computed on either of the following basis, according to the election of the person who was the owner of that agricultural land on the day immediately preceding the date on which the land was vested in the Commission:-
| | | (i) an amount not exceeding fifteen times the average annual profits of such agricultural land, if such land is not paddy land, and ten times such average annual profit if such land is paddy land, for the accounting year immediately prior to May 29, 1971, and the four accounting years immediately preceding the first-mentioned accounting year; or |
| (B) in the case of agricultural land planted with cocoa, cinnamon, pepper, paddy or any other agricultural product, a sum calculated at the rate of Rs. 2,000 for each acre of such agricultural land in production. |
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| (b) 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 agricultural 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 agricultural land during the five accounting years immediately prior to May 29, 1971. |
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| (c) Where any person is entitled to compensation computed in accordance with the provisions of subparagraph (1) of paragraph (a) in respect of any agricultural land, and such agricultural 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 agricultural land so planted or replanted,
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| (4) Notwithstanding anything in subsections (1), (2) and (3) the compensation payable in respect of any agricultural land vested in the Commission after the date of enactment of this subsection shall be an amount equal to the - price which in the opinion of the Chief Valuer that land would have fetched if sold in the open market on March 31, 1977, increased by an amount equal to the cost of improvements, if any, made to such land after March 31, 1977. |
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| (5) Notwithstanding any other provision in this Law the Commission may pay to any person entitled to compensation in respect of any agricultural and vested in the Commission under this Law, such amount and in such manner or mode as the Minister may in consultation with the Minister in charge of the subject of Finance direct the Commission to pay, pursuant to any agreement or negotiated settlement reached between the Commission and such person, in respect of the amount of compensation for such agricultural land vested and the manner and mode of payment thereof. |
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Sri Lanka Consolidated Acts