4. The Land Acquisition Act shall, in its application for the purpose of the acquisition of any estate bazaar, have effect-
| (1) as if section 45 of that Act were not in force; |
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| (2) as if for section 46 of that Act there were substituted the following section: -
| | 46. The amount of compensation to be paid under this act to any persons interested in a land shall-
| | | (a) where the annual value of that land is assessed for the purposes of any rates levied by any local authority under any written law, be equal to ten times the annual value of that land as assessed for the rates payable for the year preceding that in which the decision to acquire that land under this Act was published in the Gazette, and |
| (b) where the annual value of that land has not been assessed for the purposes of any rates so levied, be equal to ten times the reasonable annual rental value of that land as determined by the acquiring officer, and shall be proportionate to his interest in that land. No additional compensation shall be allowed to him in consideration of the compulsory nature of the acquisition."; and |
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| (3) as if section 47 and section 48 of that Act were not in force. |
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Sri Lanka Consolidated Acts