Amendment status not verified — confirm the current text below against the official source.
(1) The annual value of a holding comprising land or building which has been determined before and is in force on the date of the commencement of this Act, shall remain in force until a fresh valuation list is enforced under this Act. (2) The Corporation shall cause a general valuation of all holdings in accordance with the provisions of this chapter as soon as possible after the constitution of a new Corporation and at periodic intervals so as to ensure that there is a revision of annual valuation of all holdings at the termination of successive period of five years.