Compensation in respect of land vested in the board

(1) where any land situated within the jurisdiction of local authority vests in the Board under the provisions of section 37 and the Board makes a declaration that such land will be retained by the Board only until it reverts in the local authority as part of a street or an open space under section 43, no compensation shall be payable by the Board to the local authority in respect of that land. (2) Where any land or building vests in the Board under the provisions of section 37 and no declaration is made under-section (1) in respect of the land, the Board shall pay the local authority as compensation a sum equal to the value of such land or building. (3) If, in any case, where the Board has made a declaration in respect of any land under sub-section (1) and the Board retains or disposes of the land contrary to the terms of the declaration and the land does not revert in the local authority, the Board shall pay to the local authority, compensation in respect of such land in accordance with the provisions of sub-section (2). During the hire –purchase period a heir shall remain the tenant of the Board and shall have no other right except that of tenancy as per agreement executed.