Transfer of building or land vested in committee.

Whenever any building, or any street or other land, or any part thereof which is vested in the committee is required for executing any scheme under this Act, the trust shall give notice accordingly to the president of the committee, and such building, street, land or part thereof shall thereupon vest in the trust, subject to the payment to the committee of such sum as may be required to compensate it for actual loss resulting from the transfer of any building to the trust or to share the sale proceeds with committee as mentioned in section 32.