Land Act, 1950
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Price of land. |
5.—(1) The following provisions shall have effect where the price of land is fixed after the passing of this Act under sub-section (2) of section 25 of the Land Act, 1923 :— | |
(a) the said sub-section shall have effect with the substitution of the words “the amount to be so fixed shall be an amount equal to the market value of the land” for the words “in fixing such sum regard shall be had to the fair value of the land to the Land Commission and the owner respectively”, | ||
(b) where in the opinion of the Lay Commissioners or the Appeal Tribunal (as the case may be) it would be inequitable that the Land Commission should acquire the land for a price fixed on the basis of market value, the Lay Commissioners or the Appeal Tribunal (as the case may be) in fixing the price may include therein compensation to the owner for disturbance, and may also include therein, if satisfied that damage will be sustained by the owner by reason of the acquisition of the land as affecting his user of other land or otherwise causing injury to such other land, compensation for that damage. | ||
(2) Where— | ||
(a) the price of untenanted land acquired or purchased by the Land Commission was determined before the passing of this Act whether by agreement or by the fixing thereof under sub-section (2) of section 25 of the Land Act, 1923 , and | ||
(b) the Land Commission took possession of the land on or after the 1st day of December, 1949, and before the passing of this Act or take possession of the land after the passing of this Act, | ||
the following provisions shall have effect: | ||
(i) application may be made to the Land Commission within six months after the passing of this Act for redetermination of the price of the land, | ||
(ii) on such application being duly made, the price of the land shall again be determined and shall be determined either by agreement or, in default of agreement, by the fixing of the price (as at the date of the previous determination of the price) under sub-section (2) of section 25 of the Land Act, 1923 , and sub-section (1) of this section, | ||
(iii) if the price so determined is greater than the price previously determined, it shall have effect in lieu of the latter price, | ||
(iv) the Land Commission shall, where appropriate, make an additional advance and issue additional land bonds (bearing the same rate of interest as the land bonds already issued or decided to be issued) for the purchase of the land, and thereupon there shall be payable by the Land Commission, to the person entitled to the receipt of the rents and profits of the land immediately before possession thereof was or is taken by the Land Commission, a sum equal to interest (less income tax) on the additional land bonds so issued from the date on which the land vested in the Land Commission or the date on which the Land Commission obtain possession of the land (whichever is the later) to the date of the issue of the additional land bonds and that sum shall be in lieu of such (if any) interest as may be appropriate under sub-section (1) of section 2 of the Land Act, 1923 , | ||
(v) the agreement or fixing of the price by virtue of this sub-section shall not be regarded for the purposes of sub-section (1) of section 8 of this Act as having occurred after the passing of this Act. |