48. The amount of compensation to be paid under this Act in respect of any property vested on any date in the Ceylon Transport Board, other than an omnibus, shall-
| (a) where such property was owned on the day immediately preceding such date by the holder of a stage carriage permit for a regular omnibus service or by a person whose stage carriage permit for a regular omnibus service ceased to be in force by virtue of the provision of section 13, be the actual price paid by him for the purchase of such property and an additional sum which is equal to a reasonable value of any improvements made by him to such property, or, if such purchase price is not ascertainable, be an amount equal to the price which such property would have fetched if it had been sold in the open market on the 12th day of April, 1956; and |
|
| (b) where such property was, on the day immediately preceding the date on which it was vested in the Ceylon Transport Board, owned by any person other than any of those specified in paragraph (a) of this section, be an amount equal to the price which such property would have fetched if it had been sold in the open market on the 12th day of April, 1956: |
|
Provided that, where such property consists of machinery, tools or other movable property, a reasonable amount for depreciation shall be deducted from the amount which represents the price actually paid for its purchase by the person entitled to the compensation payable in respect of such property, if such compensation is based on such price. |
Sri Lanka Consolidated Acts