(1) Where any land vests in the Board under the provisions of section 20 and the Board makes a declaration that such land shall be retained by the Board only until it revests in the Municipality or the Development Authority as part of street or an open space under section 24 no compensation shall be payable by the Board to the Municipality or the Development Authority, as the case may be, in respect of that land.
(2) Where any land vests in the Board under section 20 and no declaration is made under sub-section (1), in respect of the land, the Board shall pay to the Municipality or the Development Authority, as the case may be, as compensation a sum equal to the value of such land.
(3) If in any case in which the Board has made a declaration in respect of any land under sub-section (1), the Board retains or disposes of the land contrary to the terms of the declaration so that the land does not revest in the Municipality or the Development Authority of such land in accordance with the provisions of sub-section (2).