(2)Where any school has vested in the Government under sub-section (1), compensation shall be paid to the persons entitled there to on the basis of the market value thereof as on the date of the notification:Provided that where any property, movable or immovable, has been acquired, constructed or improved for the purpose of the school with the aid or grant given by the Government for such acquisition, construction or improvement, compensation payable shall be fixed after deducting from the market value the amounts of such aids or grants:Provided further that in the case of movable properties the compensation payable shall be the market value thereof on the date of the notification or the actual cost thereof less the depreciation, whichever is lower.
