Vesting of Queen Victoria Statue site at Bombay and adjoining land in Government and payment of compensation to Municipal Corporation.

(1) The statue of Her Majesty Queen Victoria having been removed from the site vested in and held by the Municipal Corporation of Greater Bombay in trust as statue site a public monument and the site no longer being required for the purpose of the trust, the trust aforesaid shall be and is hereby revoked and extinguished and all the estate, right, title and interest of the Corporation in and to the said site shall be and is hereby divested from the Corporation and is hereby revested, without further assurance, in the State Government, free from all rights and liabilities and charges of whatsoever affecting the same and the State Government shall take possession immediately of the said site. In consequence of the revocation and extinguishment of the said trust, Section 89-B of the Bombay Municipal Corporation Act shall be deleted and in the proviso to Section 92 of the said Act, the words "to the statue of Her Majesty Queen Victoria or" shall be deleted and for the words, figures and letters "or to the sites thereof referred to in Sections 89-B and 89-C" the words, figures and letter "or to the site thereof referred to in Section 89-C" shall be substituted. (2) The land adjacent to the site of the aforesaid statue, more particularly described in the Schedule, shall be and is hereby divested from the Corporation, and is hereby vested, without further assurance, in the State Government, free from all rights, liabilities and charges whatsoever, whether of individuals or of the Corporation or of the public, affecting the same. The State Government shall take possession immediately of the said land. (3) For the site and land so revested or vested in the State Government, such compensation may be paid by that Government as may be agreed upon with the Corporation; and In default of agreement as may be determined by a person appointed by the State Government, who shall determine the compensation in accordance with the principles for determining compensation laid down in the Land Acquisition Act, 1894 and the provisions of that Act (including provisions for reference to Court and appeal) shall apply there to mutatis mutandis as if the Site and land had been acquired and compensation to be determined under the provisions of the said Act.