(1) Whenever in pursuance of section 4 any movable or immovable property is requisitioned or acquired, there shall be paid compensation determined in the manner and in accordance with the principles hereinafter set out, that is to say-
(a) where the amount of compensation can the fixed by agreement, it shall be paid in accordance with such agreement ;
(b) where no such agreement can be reached, the State Government shall appoint, as arbitrator, the Distriet Judge or Subordinate Judge having jurisdiction over the area in which the movable property is 4 requisitioned or acquired or in which the immovable property is situated ;
(c) at the commencement of the proceedings before the arbitrator, the State Government and the person to be compensated shall state what in their respective opinions is at fair amount of compensation;
(d) the arbitrator in making his award shall have regard-
(i) in the ease of movable property, to its market value;
(ii) in the case of immoveble property, to the provisions of subsection (1) of section 23 of the Land Acquisition Act 1894,(Act 1 of 1894) so far as the same can be made applicable and to the fact whether the acquisition is of a permenent or temporary character :
Provided that where any property requisitioned is subsequently acquired, the arbitrator, in any proceedings in connection with such acquisition shall, for the purposes of this clause, take into consideration the market value of the property at the date of the requisition as aforesaid and not at the date of the subsequent acquisition.
(e) an appeal shall lie to the High Court against the award of an arbitrator where the amount of the award is two thousand rupees and above;
Explanation- ln the case of periodical payments, the amount of the award for the purposes of this clause shall be eomputed at five times the amount payable for one year.
(f) save as provided in this sention and in any rules made under this Act, nothing in any law for the time being in force relating to arbitration shall apply to arbitrations under this section.
(2) The State Government may, with a view to requisitioning or acquiring any property under section 4, by order-
(a) require any person to furnish to such authority as may be specified in the order such information in his possesion relating to the property as may be so specified ;
(b) direct that the owner, occupier or person in possession of the property shall not, without the permission of the State Government dispose of it or where the property is a building, structurally alter it or where the property is movable, remove it from the premises in which it is kept, until the expiry of such period as may be specified in the order.