47.
| (1) The amount of compensation to be paid under this Act in respect of any omnibus vested in the Ceylon Transport Board on any date shall be an amount equal to the cost, as at that date, of a new omnibus which is not equipped with tyres and which is of the same make and type as the omnibus so vested, or, if an omnibus of that type is not in production, of a new omnibus which is not equipped with tyres and which is reasonably comparable with the omnibus so vested-
| | (a) after deducting from the said cost-
| | | (i) where a period of less than one complete year has elapsed between the said date and the date of first registration, whether under the Motor Car Ordinance repealed by the Motor Traffic Act or under that Act, of the omnibus so vested, one forty-eighth of the said cost in respect of each month of that period; or |
| (ii) where one or more complete years have so elapsed, one-fourth of the said cost in respect of the first year and, in respect of each subsequent year, one-fourth of the said cost as reduced by the total deductions to be made in respect of the previous years, and |
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| | (b) if it is established that the physical condition of the omnibus so vested is materially better or worse at the date on which it was so vested than the normal physical condition at that date of an omnibus which is of the same age, make, and type as the omnibus so vested, or, if an omnibus of that type is not in production, of an omnibus which is of the same age as, and is reasonably comparable with, the omnibus so vested, after adding to or deducting from the said cost, as reduced by the deductions, if any, to be made under paragraph (a) of this subsection, such amount as fairly represents the difference: | | |
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| (2) Where an omnibus vested on any date in the Ceylon Transport Board is equipped with any tyres at that date, the compensation to be paid in respect of that omnibus under subsection (1) shall be increased by an amount equal to the amount which such tyres would fetch if sold in the open market, and if this Act were not in force, on that date. |
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| (3) Where any omnibus for which a revenue licence for any year is in force under the Motor Traffic Act is vested in the Ceylon Transport Board with effect from any date in that year, the compensation payable in respect of that omnibus under subsection (1) shall be increased by an amount which bears to the licence fee paid for such licence the same proportion as the period commencing on such date and ending on the thirty-first day of December of that year bears to the period commencing on the date of the coming into force of such licence and ending on such thirty-first day of December. |
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Sri Lanka Consolidated Acts