State Act

Punjab Town Improvement Act 1922

2[50-D. Option of any objecting owner to require the trust to acquire his property. - (1) If the owner of any property, separately registered in the assess-ment books of the trust and assessed to a betterment contribution in any particular year, objects to the amount of such contribution on the ground that the market value estimated under clause (b) of section 50-B is excessive, he shall state the market value which, he contends, is correct, and may, within thirty days of the date on which the determination of his objection or appeal becomes final, by writ-ten notice, require the trust to acquire the property together with any buildings or other works that may exist thereon. (2) The trust shall thereupon either acquire the property or accept the market value as stated by the owner and revise its assessment of the betterment contribu-tion in accordance therewith. (3) In case the trust elects to acquire the property, the compensation payable therefor shall be determined by the prescribed authority under this Act : Provided that the compensation payable for the property, apart from the buildings or other works thereon, shall not exceed the market value stated by the owner under sub-section (1).]