Amendment status not verified — confirm the current text below against the official source.
Acquisition of property:- ( 1) Where any property is vested under sub- section ( 1) of section 65 in connection with the management of an educational institution or is subject to requisition under sub-section (I) of section 68, the State Government may, if it consider it necessary to acquire the property for any public purpose connected with education. acquire at any time (but before the expiry of the period referred to in sub-section (I) of section 65 such property for the said public purpose by publishing in the Official Gazette a notice to the effect that the State Government has decided to acquire the property in pursuance of this section. Provided that before issuing suchnotice. the State Government shall call upon the Governing Council or any other person who in the opinion of the State Government is the person interested in such property to show cause why the property should not be acquired: and after considering the objections, if any, shown by the Governing Council or other person interested in the property the State Government may pass such orders as it deem fit. (2) When notice as aforesaid is published in the Official Gazette, the requisitioned property shall from the day on which the notice is so published, cease to be subject to-requisition and vest absolutely in the State Government free from all encumbrances. Principles and methods of determining amount for property requisitioned or acquired:- ( 1) Where any property is requisitioned or acquired under this Act, the amount payable therefor shall be as determined and paid in the manner and in accordance with principles hereinafter set out, that is to say '- (a) where the amount is settled and fixed by agreement it shall be paid accordingly : 532 (b) where there is no such agreement. the State Government shall appoint an arbitrator, a person who is holding or has held a judicial office, not below the rank ofa District Judge, for determining the amount : ( c) at the commencement of the proceedings before the arbitrator the State Government and the person to whom the amount is payable shall state what according to them is the fair amount: ( d) The arbitrator shall after the enquiry determine the amount which appears to him to be just and specify the person or persons to whom such amount shall be paid and in making the award determining the amount, he sha11 have regard to the circumstances of each case and the provisions of sub- sections (2), (3). (4) and (5) so far as they are applicable: ( c) Where there is any dispute as the person or persons who arc entitled to the amount. the arbitrator shall decide such dispute and if the arbitrator finds that more persons than one are entitled to the amount, he shall apportion the amount amongst such persons according to their rights; and ( f) The provisions of the Arbitration and Conciliation Act, 1996 (Central Act No.26 of 1996) shall apply not covered under this Act. (2) The amount payable for the requisitioning of any property, movable or immovable, shall in respect of the period of requisition, be a sum equal to the rent which would have been payable for the use and occupation of the immovable property or for the use of the movable property if it had been taken on lease for that period. (3) The amount payable for the acquisition of any immovable property under section 72 shall be, the price which the requisitioned property would have fetched in the open market if it had remained in the same condition as it was at the time of requisitioning and been sold on the date of acquisition ; (4) The amount payable for the acquisition of any movable property shall be the price which such property would have fetched in the open market if it had been sold on the date of acquisition. (5) Where any property requisitioned or acquired under this Act was acquired with the grant from the State funds, the amount of such grant shall be taken into account in the prescribed manner in determining the amount payable. 5 ,.,,., .J.J Explanation :- For purposes of this sub-section, all the property acquired by the educational institution shall be deemed to have been acquired with the aid of such grant, contribution, donation or collection unless the Governing Council of the educational institution proves to the satisfaction of the arbitrator that the property has been acquired otherwise.