Principles and methods of determining amount for property requisitioned or acquired

(1) Where any property is requisitioned or acquired under this Act, the amount payable therefor shall be determined and paid in the manner and in accordance with the principles hereinafter set out, that is to say,- (a) Where the amount is settled and fixed by agreement, it shall be paid accordingly; (b) Where there is no such agreement, the Government shall appoint as arbitrator a person who is holding or has held a judicial office, not below the rank of a district judge, for determining the amount; (c) at the commencement of the proceedings before the arbitrator the Government and the person to whom the amount is payable shall state what according to them is the fair amount; (d) the arbitrator shall after due enquiry determine the amount which appears to him to be just and specify the person or persons to whom such amount shall be paid; and in making the award determining the amount, he shall have regard to the circumstances of each case and the provisions (5) Where any property requisitioned or acquired under this Act was acquired with the grant from the State funds, the amount of such grant shall be taken into account in the prescribed manner in determining the amount payable. Explanation:- For purposes of this sub-section, at the property acquired by the educational institution shall be deemed to have been acquired with the aid of such grant, contribution, donation or collection unless the manager of the educational institution proves to the satisfaction of the arbitrator that the property has been acquired otherwise.