Amendment status not verified — confirm the current text below against the official source.
Substituted by G.O.Ms.No.15, Higher Education (TE) Department, dated 23.04.2015. Principles and methods of determining amount for property requisitioned or acquired. [Act No.1 of 1982] 67 of sub-sections (2), (3), (4) and (5) so far as they are applicable; (e) where there is any dispute as to the person or persons who are 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) nothing in the Arbitration and Conciliation Act, 1996, shall apply to arbitrations under this section. (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 67 shall be- (a) the price which the requisitioned property would have fetched in the open market if it had remained in the same conditions as it was at the time of requisitioning and been sold on the date of acquisition; or (b) twice the price which the requisitioned property would have fetched in the open market if it had been sold on the date of requisition, whichever is less. (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. Central Act 26 of 1996. 68 [Act No.1 of 1982] (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. Explanation:- For purposes of this sub-section, at 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 manager of the educational institution proves to the satisfaction of the arbitrator that the property has been acquired otherwise.