58. The amount of compensation to be paid under this Law in respect of any property vested in the Corporation shall be determined in accordance with the following provisions: -
| (a) Where such property consists ox land, the. amount of compensation shall be equal to the price which in the opinion of the Chief Valuer such property (excluding any buildings standing thereon) would have fetched if it had been, sold in the open market on the day on which that property was vested in the Corporation. |
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| (b) Where such property consists of any building, anything attached to the earth or permanently fastened to anything attached to the earth, or any other fixed' asset, or any vehicle or furniture, the amount of such compensation shall be-
| | (i) where the owner of the property immediately prior to its vesting purchased it and the actual amount paid by him for such property, other than for any land, can be ascertained, such amount less any sum which the Chief Valuer considers reasonable for the depreciation of the property, or | | |
| | (ii) the net book value of such property "as shown in the last audited balance sheet prior to the date of its vesting in the Corporation, less any sum, which the Chief Valuer considers reasonable for the depreciation of the property since the date of preparation of such audited balance sheet, | | |
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| (c) Where such property consists of any movable property (other than vehicles and furniture) or any current asset, the amount of such compensation shall be the actual cost incurred in the purchase or production of that property or the price which in the opinion of the Chief Valuer such property would have fetched if it had been sold in the open market on the day on which it was vested in the Corporation, whichever is less. |
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| (d) Where such property is any right, interest or benefit in any movable or immovable property derived under the terms of any arrangement (formal or informal), lease or notarially executed instrument, the amount of such payment shall be the actual price paid by the holder or his predecessor for the acquisition of such right, interest or benefit: |
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Sri Lanka Consolidated Acts