40N.
| (1) Where a Village Council is satisfied that it is in the public interest that any private fair should be either-
| | | (b) taken over by the Council and maintained as a village fair, | | |
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| (2) Where any private fair is directed by a Village Council to be discontinued, the compensation payable unless otherwise settled by agreement shall be the difference between the value of the premises if used as a fair under this Ordinance and the value of the same premises if used, not as a fair, but for any other purposes to which similar premises in the same locality are or might be put to the best advantage, together with an allowance in respect of the cost of adapting for any such purpose the buildings used for the fair. |
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| (3) Where any private fair is taken over by a Village Council to be maintained as a village fair, the compensation payable shall be the value of the premises when used as a fair under this Ordinance. |
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| (4) In estimating the value of the premises used as a fair under this Ordinance, regard shall be had to the depreciation likely to occur in the value of such premises in the event of a village fair or a new private fair being established in the same neighbourhood. |
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Sri Lanka Consolidated Acts