Transfer to Trust for purposes of scheme of building or land vested in Municipal Board

Whenever any building, or any street, square or other land or any part thereof which is vested in the Municipal Board is required for executing any scheme, the Trust shall give notice accordingly to the Chairman of such Board, and such building, street, square, land or part shall thereupon vest in the Trust, subject, in the case of any building to the payment to the said Board of such sum as may be required to compensate it for actual loss resulting from the transfer thereof to the Trust.