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SCHEDULES.
FIRST SCHEDULE.
Rules for Determining the Amount of Reduction of Compensation.
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Section 6
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(a) The value of the whole of the land included in the scheme shall first be ascertained on the basis of its value as a cleared site available for development in accordance with the requirements of the building byelaws in force in the district.
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(b) The value of the whole of the said land shall next be ascertained on the basis of its value as a cleared site, subject to the requirements of the scheme as to the provision to be made for the rehousing of persons of the working classes, or the laying out of open spaces on the land or any part thereof.
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(c) The difference between the amounts ascertained under paragraph (a) and paragraph (b) shall then be computed.
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(d) The amount by which the compensation payable for the respective interests in the land to which section six of this Act applies, as ascertained in accordance with the principle laid down in that section is to be reduced, shall be a fraction thereof equal to the amount arrived at under paragraph (c) when divided by the amount arrived at under paragraph (a).
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