(1) For the transfer and vesting of the property under section 3, a mo Paym unt.
ent of the Board shall pay to the owner in the manner provided in section 8 an amount determined as hereinafter provided.
(2) The gross amount payable to the owner shall be the market value of the property on the appointed day.
(3) The market value of the property shall be deemed to be the value of all lands, buildings, works, materials, fixed assets and plants including others mentioned in clause (d) of section 2 of the owner suitable to, and used by him for, the purpose of the property, other than the service lines or other capital works or any part thereof which have been constructed at the expenses of the consumers, due regard being had to the nature and condition for the time being of such lands, buildings, works, materials, fixed assets and plants including others mentioned in clause (d) of section 2 and the state of repair thereof and to the circumstance that they are in such position as to be ready for immediate working and to the suitability of the same for the purpose of the property, but without any addition in respect of compulsory acquisition or of goodwill or of any profits which may be or might have been made from the property or of any similar consideration.
6. Where the Board is of opinion that the owner has on or after the Effect of transaction appointed day disposed of any fixed assets whether by way of sale, not &ma exchange, gift, lease or otherwise, or incurred any expenditure, liability ,fide.
or obligation otherwise than in the normal course of events, with a view to benefit unduly the owner or some other person or persons and thereby caused loss to the Board as succeeding owner of the property, the Board shall be entitled to deduct from the amount payable to the owner under this Act an amount which the Board considers to be the loss sustained by the Board:
Provided that before making such deduction, the owner shall be given a notice to show cause against such deduction within a period of fifteen days from the date of receipt of such notice.
11 The Barakar Electric Supply Installations Acquisition Act, 1981.
[West Ben. Act (Section. 7.)
Deduction from the gross amount.