Section 24(1) in The Bengal Aerial Ropeways Act, 1923
(1)When an order under section 7 has been made in favour of a promoter of an aerial ropeway for public traffic, not being the [State Government] [Words substituted by the Government of India (Adaptation of Indian Laws) Order, 1937 and the Adaptation of Laws Order, 1950.], or a local authority, the [State Government] [Words substituted by the Government of India (Adaptation of Indian Laws) Order, 1937 and the Adaptation of Laws Order, 1950.], or a local authority specified in the order published under section 7, shall, on the expiration of such period, not exceeding fifty years, and of every such subsequent period, not exceeding twenty years, as shall be specified in such order, have the option of purchasing the undertaking, and if the [State Government] [Words substituted by the Government of India (Adaptation of Indian Laws) Order, 1937 and the Adaptation of Laws Order, 1950.], or the local authority with the previous sanction of the [State Government] [Words substituted by the Government of India (Adaptation of Indian Laws) Order, 1937 and the Adaptation of Laws Order, 1950.], [elects] [Words substituted by the Government of India (Adaptation of India Laws) Order, 1937.] to purchase, the promoter shall sell the undertaking to the [State Government] [Words substituted by the Government of India (Adaptation of Indian Laws) Order, 1937 and the Adaptation of Laws Order, 1950.] or to the local authority, as the case may be, on payment of the value of all lands, buildings, works, materials, plant and apparatus of the promoter, suitable to, and used by him for the purposes of, the undertaking, such value to be in case of difference or dispute determined by arbitration:Provided that the value of such lands, buildings, works, materials, plant and apparatus shall be deemed to be their fair market value at the time of purchase, due regard being had to the nature and condition for the time being of such lands, buildings, works, materials, plant and apparatus, and to the state of repair thereof and to the circumstance that they are in such a position as to be ready for immediate working, and to the suitability of the same for the purposes of the undertaking:Provided also that there shall be added to such value, as aforesaid, such percentage, if any, not exceeding twenty per cent, of that value, as may be specified in the order passed under section 7, on account of compulsory purchase.
