Transfer to trust of building or land vested in municipal committee for purposes of scheme.

(1) Whenever any building, or any street or other land or any part thereof which is vested in the municipal committee is required for executing any scheme under this Act the trust shall give notice accordingly to the president of the municipal committee, and such building, street, land or part shall thereupon vest in the trust, subject to the payment to the municipal committee of such sum as may be required to compensate it for actual loss resulting from the transfer of any building to the trust. (2) If any question or dispute arises as to the sufficiency of the compensation paid or proposed to be paid under sub-section (1), the matter shall be referred to the State Government, whose decision shall be final.