4. Sections 4, 5 and 6 of the principal enactment are hereby repealed and the following sections substituted therefor : -
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| | (1) The standard rent per annum, of any residential premises the first assessment of the annual value of which was made in respect of any period commencing on a day not later than the first day of January, 1969, and the annual value of which does not exceed, the relevant amount, and of any business premises the annual value of which does not exceed the relevant amount, means -
| | | (a) the amount of the annual value of such premises as specified in the assessment in force during the month of January, 1955, or if the assessment of the annual value of such premises is made for the first time after that month, the amount of such annual value as specified in such first assessment; or
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| (b) if the rates levied in respect of such premises are, under the terms of the tenancy, payable by the landlord, the aggregate of the amount determined under paragraph (a) and of the amount payable per annum by way of rates in respect of such premises for the time being.
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| | (2) The standard rent per annum of any residential premises, other than premises referred to in subsection (1), means the aggregate of (r) the amount of the annual value of. such premises ; and (b) the amount payable per annum by way of rates in respect of such premises. | | |
| | (3) In the case of any premises to which the provisions of subsections (1) and (2) do not apply, the standard rent per annum of the premises means such rent as may be fixed by the board on application made either by the landlord or the tenant for the time being of such premises. | | |
| | (4) The standard rent of any premises per month or per quarter or per half-year shall be determined in proportion to the standard rent of the premises per annum. Permitted increases. | | |
| | 5.
| | | (1) Where the landlord of any premises has, since the date by reference to which the standard rent of the premises is determined for the purposes of this Act, incurred, or hereafter incurs, expenditure on the improvement, repair or structural alteration of the premises (not including expenditure on decoration)
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| (2) An increase of the rent of any premises in accordance with the provisions of subsection (1) shall be a permitted increase for the purposes of this Act. Authorized rent. |
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| 6.For the purposes of this Act, the authorized rent of any premises shall be the standard rent of the premises determined under section 4, or where any increase of rent is permitted by section 5 in the case of such premises, the aggregate of the standard rent and every such permitted increase : |
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Sri Lanka Consolidated Acts