Amendment status not verified — confirm the current text below against the official source.
(1) The gross amount payable to the licensee shall be the market value of the undertaking on the appointed day and if there is any difference or dispute regarding such market value the same shall be determined by the arbitrator appointed under section 20. (2) The market value of the undertaking for the purpose of sub-section (1) shall be deemed to be the value of all lands, buildings, works, materials and plant of the licensee suitable to, and used by him, for the purpose of the undertaking, other than service lines or other capital works or any part thereof which have been constructed at the expense of consumers, due regard being had to the nature and condition for the time being of such lands, buildings, works, materials and plant and the state of repair thereof and to the circumstance that they are in such position as to be ready for immediate working and to the suitability of the same for the purpose of the undertaking, but without any addition in respect of compulsory acquisition or of goodwill or of any profits which may be or might have been made from the undertaking or of any similar consideration.