Sri Lanka Consolidated Acts

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Paddy Marketing Board Act (No. 14 of 1971) - Sect 47

Assessment and payment of compensation under this Act in respect of property as is immovable vested in the Board

47.
(1) The amount of compensation payable in respect of any property, being immovable property vested in the Board, shall be a sum equal to the value which that property would have realized if sold in the open market on the date on which that property was so vested.
(2) In determining the compensation payable under sub-section (1) in respect of such property vested in the Board any sum which had been paid in advance to the owner of such property as rent for such period after the date on which the property was so vested shall be deducted from the amount of compensation.

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