(ii)a tax of not more than one-quarter per cent, on the annual rateable value of holdings situated within [the South Suburban Municipality] as determined by the Municipal Commissioners, under section 96 of the Bengal Municipal Act, 1884, [and, on the annual valuation of all lands and buildings situated within the Garden Reach Municipality constituted under the Garden Reach Municipality Act, 1932, as continued under section 13 of that Act, and thereafter on the annual rateable value of holdings situated within that municipality as determined under the Bengal Municipal Act, 1932:]