2. Section 327 of the Municipal Councils Ordinance is hereby amended in subsection (1) of that section by the substitution for the definition of "annual value ", of the following definition:- " " annual value " means"
| (a) where any premises are not let, the annual rent which a tenant might reasonably be expected, taking one year with another, to pay for any house, building, land, or tenement, if the tenant undertook to pay all public rates and taxes, and if the landlord undertook to bear the cost of repairs, maintenance and upkeep, if any, necessary to maintain the house, building, land, or tenement in state to command that rent; |
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| (b) where any premises are let, the annual rent which a tenant may reasonably be expected taking one year with another, to pay for any house, building, land, or tenement, if the tenant undertook to pay all public rates and taxes, and if the landlord undertook to bear the cost of repairs, maintenance and upkeep, if any, necessary to maintain the house, building, land, or tenement in a stats to command that rent, or the actual annual rent paid where the tenant undertook to pay the public rates and taxes and the landlord undertook to bear the cost of repairs, maintenance and upkeep, if any, necessary to maintain the house, building, land or tenement, in a state to command that rent, Whichever is higher : |
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Sri Lanka Consolidated Acts