Cap. 573 Art. 61Assessment of compensation.      Cap. 158.

(1) The Arbitration Board shall, upon establishing the compensation for absolute purchase, act in accordance with the following rules:

(a) no allowance shall be made on account of the acquisition being compulsory;

(b) the value of the land shall, subject as hereinafter provided, be taken to be the amount which the land could acquire if sold in the open market by a willing seller voluntarily;

(c) the value of the land is the value that the land has within the period of publication of the Declaration as updated during the years in accordance to the index of inflation published in the schedule of the Housing (Decontrol) Ordinance, and without regard to any improvements or works done by a competent authority;

(2) When the compensation to be established relates to possession and use only, the amount of acquisition rent for the whole period of the time until the land is being held shall be established in accordance with the amount which the land if leased in the open market by a willing owner might be expected to realize.

(3) Besides the accrued interests on the sum deposited in accordance with article 52(1), the Arbitration Board may order in its decision that the owner receives simple interest at the rate of eight per centum per over the final compensation liquidated by the Board, which annum interest shall start running from when the owner files his application in terms of article 55.