Acquisition of land and buildings for improvement of streets.- (1) The council may acquire : --

(a) any land required for the purpose of opening, widening, extending, or otherwise improving any public street, or of making any new public street, and the buildings, if any, standing upon such land; and (b) any land outside the proposed street alignment, with the buildings, if any, standing thereon: Provided that, in any case in which it is decided to acquire any land under clause (b) of this sub-section, the owner of such land may retain it by paying to the municipal council an annual sum to be fixed by the council in that behalf, or a lumpsum to be fixed by the council, not being less than twenty-five times such annual sum and subject to such conditions as the council thinks fit as to the removal of the existing building, if any, the description of the new building, if any, to be erected, the period within which the new building, if any, shall be completed and any other similar matters. The section came into force on the 12th day of January, 1974 vide Extraordinary Gazette No. 11 dated 17th January 1974. (2) If any sum payable in pursuance of the proviso to sub-section (1) in respect of any land be not duly paid, it shall be recoverable in the manner provided by this Act for the collection of taxes and if not so recovered, the Commissioner may enter upon the land, and sell it, with any erections standing thereon by public auction subject to the conditions, if any imposed under sub-section (1) and may deduct the said sum and the expenses of the sale from the proceeds of the sale and shall pay the balance, if any, to the defaulter. (3) Any sum paid in pursuance of the proviso to sub-section (1) or recovered under sub-section (2) in respect of any land shall be left out of account in determining the annual value of such land for the purpose of assessing it to the property tax. (4) Any land or building acquired under clause (b) of sub-section (1), may be sold, leased or otherwise disposed of after public advertisement, and any conveyance made for that purpose may comprise such conditions as the council thinks fit as to the removal of the existing building, if any, the description of the new building, if any, to be erected, the period within which the new building, if any, shall be completed and any other similar matters. (5) The council may require any person to whom any land or building is transferred under sub-section (4) to comply with any conditions comprised in the said conveyance before it places him in possession of the land or building.