10. The following new section is hereby inserted immediately after section 264, and shall have effect as section 264A, of the principal enactment : -
| 264A. Where a Municipal Council decides to retain any immovable property vested in it under section 263, the value of such property at the time such property became vested in the Council shall be assessed by the Council, and thereupon the provisions of subsections (2) to (7), both inclusive, of section 264 shall apply in the case of such property subject to the following modifications : -
| | (a) subsection (2) of that section shall have effect as if there were substituted in that subsection, for all the words from "Any surplus" to "shall,", the following : - | | |
| | (b) subsection (3) of that section shall have effect as if there were substituted in that subsection, for the words " sale and conveyance :", the words " assessment of the value of the land or other immovable property by the Municipal Council: " ; | | |
| | (c) subsection (5) of that section shall have effect as if-
| | | (i) there were inserted, immediately after paragraph (b) of that subsection, the following new paragraph : - " (bb) the amount paid by the Council under section 262 in respect of the land or property," ; and |
| (ii) there were substituted, in paragraph (c) of that subsection, for all the words from " improvement, and " to the end of that paragraph, the words " improvement, assessment of the value, and conveyance of the land or property." ; and |
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| | (d) subsection (7) of that section shall have effect as if there were substituted, for the words " sold and conveyed,", the words " retained by the Council, | | |
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Sri Lanka Consolidated Acts