Compensation in respect of land vested in the Board.

(1) Where any land vests in the Board under the provisions of section 35 and the Board makes a declaration that such land shall be retained by the Board only until it revests in the municipal body [ * * ] as part a street or an open space under section 39, no compensation shall be payable by the Board to the municipal body [ * * * * ], in respect of the land. (2) Where any land vests in the Board under section 35 and no declaration is made under sub section (1) in respect of the land, the Board shall pay to the municipal body [ * * * * ], as compensation a sum equal to the value of such land. (3) If, in any case where 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 revests in the municipal body, [ * * * ], the Board shall pay to the municipal body [ * * ] compensation in respect of such land in accordance with the provisions of sub-section (2).