Land Reform (Special Provisions) Act 1981 · As enacted · Part I · Amendments to the Lanp Reform Law, No 1 of 1972
14. Amendment of section 423 of the principal enactment,
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Section 42J of the principal enactment is hereby amended as follows :—
by the insertion, immediately after subsection (2) of that section, of the following new subsections :—
‘ (2a) (a) Where on the date of enactment of this subsection, no compensation has been paid in respect of any estate land vested in the Commission under this Part of this Law, the compensation payable in réspect of such estate land shall, not-withstanding anything in the preceding provisions of this section, be computed on either of the
‘following basis, according to the election of the person in possession of the estate land on the date immediately preceding the date on which such estate land vested in the Commission—
a sum equal to fifteen times the average annual profits from such estate land for the five accounting years immediately preceding the date on which such estate land vested in the
Commission
; or
(A) in the case of estate land planted with tea, rubbét or coconut, a sum calculated. on the basis of the average arthual yield per acre of such eéstate laid for the three accounting years immediately proceding the date on which such estate land vested in the Com-
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‘Land Reform: (Special. Prowisions)
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Aet, No. 39 of 1981
mission, so however, that where the average annual yield per acre of such estate land is equal to an amount specified in Column I hereto, the sum payable in respect. of each acre of such estate land shall be equal to the sum specified in the corresponding entry in
Column II hereto.
Column I
Column IT
Average annual
Amount of yield per acre compensation per acre
Rs.
Tea
,
Over 1,500 Ibs.
.-
.
2,500
Over 1,000 Ibs. but not exceeding 1,500 Ibs.
..
2,006
Over 750 Ibs. but not exceeding 1,000 Ibs.
..
-
1,500
.. 180 bs. and under 5
.
1,000
Rubber
Over 1,000 Ibs.
.
Le 2,500
Over 750 Ibs. but not exceeding
‘1,000 Ibs.
+.
.
2,000
Over. 500 lbs. but not exceeding 750 Ibs.
.
.
.
1,500 500 Ibs. and under ..
.
1,000
Coconut
Over. 3,000 nuts
..
.
8,500
Over 2,000 nuts but not exceeding 3,000 nuts an 2,000 2,000 nuts and under
..
°
>
1,500; or
in the case of estate.land planted with cocoa, cinnamon, pepper, paddy or any other agricultural product, a sum calculated at the rate of Rs. 2,000 for each acre of such estate. Jand in pro-duction.
. (0). Where . any person | is. entitled to compensation
;
“ Computed in accordance with sub-paragraph (i) of
(paragraph (a) of this subsection in respect of any estate land, and such estate land has, within the seven years immediately preceding the date on
. Which such land vested in the Commission, been planted or replanted with any agricultural crop specified in Column I hereto, such person shall be entitled, in addition to the compensation so com-puted, to the payment of a sum equal to the sum specified in the corresponding entry in Column II
:
°
hereto for each acre of estate land so planted or replanted.
e
Coluinn I
Column 1)
Tea
..
Rs. 3,000
Rubber
-
..
Rs. 2,500
Coconut
-
-.
Rs. 2,500
Paddy
.
-»
Rs. 2,000
.
Cocoa os
-. Rs. 2,000
Cinnamon ..
ve
Rs. 2,000
In this subsection “annual profits” in relation to an estate land for an accounting year means the aggregate of—
the profits and income, within the Meaning of the
Inland Revenue Act, No. 4 of 1963, from such estate land for that year as assessed by an Assessor or as agreed to with an Assessor by the person who was the owner of such estate land on the day immediate-ly preceding the date on which such estate land vested in the Commission (in this definition referred to as “the former owner ”) or where not assessed
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or agreed to, as declared to the Assessor in respect of that year by such former owner ; and 6
any sum deducted under—
paragraph (a) or paragraph (h) or paragraph (i) of subsection (1) of section 10; or
section 53 ; or
section 53a, of the Inland Revenue Act; No. 4 of 1963, for the purposes of ascertaining the profits and income, within the meaning of that Act, of the former owner from that estate land for that year.
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Land‘ Reform. (Special Pe
There ‘shall be deducted from any “amount computed in accordance with-sub-paragtaph
;of
-
paragraph (a) as the compensation payable:
in res-a pect of any estate land, every sum paid - as subsidy for replanting, factory modernization, -
tea chests and‘ fertilizer by the Government or any State Corporation in respect of that estate land during the five accounting years immediately preceding the date on which such estate land vested in the Government.
No amount computed in accordance with sub-paragraph (i) of paragraph (a) as the compensa-tion payable in respect of any estate land shall exceed two thousand five hundred rupees for each acre of such estate land.
Where on the date of enactment of this subsection, no compensation has been paid in res-pect of any estate land vested in the Commission under this Part of this Law and on the date of vesting there were nett current assets on such estate lands which were taken over by the Commis-sion, the compensation payable under subsection (2A) shall be increased by an amount equal to the book value of such nett current assets.
Tn this section “nett current assets ” shall mean stock in trade, unsold produce, cash, fixed deposits.
debts due and any other receivables.
Nothing in subsections (2a) and (28) shall apply to the computation of the amount of compensation payable to any company incorporated in the United Kingdom which has not entered into any agreement or negotiated settlement at the date of enactment of this subsection in respect of the amount of compensation payable in respect of such estate land, and compensation in respect of such estate land shall be payable in terms of subsection (2).
(1) Where any public company receives any amount as compensation computed in accordance with the provisions of subsection (2) or subsection
or subsection (2s) it shall be the duty of such company, notwithstanding anything in the com-panies Ordinance, or any other law, to distribute
Land Reform (Special Provisions)
such compensation, after meeting its liabilities as allowed by the Commission, to the share holders of such company within six months from the gate of receipt of the compensation or where such compen-sation is received in instalments, within six months from the receipt of each instalment.
Where the share capital of any such company as is referred to in subsection (1) is divided inte different classes of shares the distribution of the compeasation shall be in accordance with the rights attached to each class of shares,
Where a public company which has distri.
buted, in accordance with the provisions of sub-section (2p), any amount received by it as compen-sation resolves that it is not possible in consequence of such distribution, to carry on business, it may apply to the Registrar of Companies to have its name struck off the register of companies,
The Registrar on being satisfied that—
all the liabilities of such company have been paid,
|
the compensation received by the com-pany has been distributed in accordance with subsection (2p), and (c) it is not possible for the company to carry on business, shall, notwithstanding any provision in the Com-panies Ordinance relating to the winding up or dissolution of companies, strike off the name of that Company from that register.’ ; and
by the repeal of subsection (4) of that section and the substitution therefor of the following subsec-tion :—
“(4) The compensation
Payable, less any deductiens that may be made from such compen-sation under this Part of this Law, shall carry interest, at the rate of ten per centum per annurn, as from the date on which possession of the estate land in respect to which compensation is payable was taken by the Commission until payment. ”,
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Land ‘Reform (Special Provisions)
15: Section 66 of the principal enactment is’ hereby amended’
i the ‘definition of the expression “ person ”, by the ‘irisertion, immediately after paragraph (b) thereof, of the following’new paragraph :—
Amendment ot section 66 of the principal enactment
. (bb). a private trust; or”.
Retrospective operation of sections 2(a), 12 and 15.
46: ‘The arnendments made to the principal enactment by
- gections 2'(a), 12 and 15 of this Act shall be deemed for all putposes to’ have come’ into operation on the date of com-mencement’ of the principal enactment.
PART Ii
SpEGIAL PROVISIONS RELATING TO CERTAIN ORDERS AND DETER~
MINATIONS MADE. UNDER THE LAND Rerorm LAw