Determination of rate of tax on holding

Subject to the provisions of this Act, the Board at a meeting to be held before the close of the year preceding the year to which the tax will apply shall determine the percentage on the valuation of holdings at which any tax on the annual value of holdings shall be levied, and the percentage so fixed shall remain in force until the Board at a meeting shall determine some other percentage at which the tax will be levied from thebeginning of the next year:

Provided that, when this Act is first extended to any place the first tax shall be levied from the beginning of the quarter next after that in which the percentage has been fixed by the Board at a meeting.