(1) Whenever any street or square or part thereof which is not vested in the Municipal Board's required for executing any scheme, the Trust shall cause to be affixed in a conspicuous place in or near such street, square or part, a notice signed by the Chairman-
(a) stating the purpose for which the street, square or part is required, and
(b) declaring that the Trust will, on or after a date to be specified in the notice, such date being not less than thirty days after the date of the notice, take over charge of such street, square or part from the owner thereof: and
shall simultaneously send a copy of such notice to the owner of such street, square or part.
(2) After considering and deciding all objections, if any, received in writing before the date so specified, the Trust may take over charge of such street, square or part from the owner thereof: and the same shall thereupon vest in the Trust.
(3) When the Trust alters or closes any street or square or part thereof which has vested in it under sub-section (2), it shall pay reasonable compensation to the previous owner for the loss of his rights therein.
(4) If the alteration or closing of any such street, square or part causes damage or substantial inconvenience to owners of property adjacent thereto or to residents in the neighbourhood, the Trust-
(i) shall forthwith provide some other reasonable means of access for the use of persons who were entitled to use such street, square or part as a means of access to any property or place, and
(ii) if the provision of such means of access does not sufficiently compensate any such owner or resident for such damage or inconvenience, shall also pay him reasonable compensation in money.