(3)Where any land or building vests in the Board under sub-section (1) and no declaration is made by the Board that the land will be so retained, the Board shall pay to the Corporation, or to the Commissioners, as the case may be, as compensation for the loss resulting from the transfer of such land or building to the Board, a sum equal to the market value of the said land or building [as on the date of the publication of the notification under section 49] and where any building, situated on land in respect of which a declaration has been made by the Board under subsection (2), is vested in the Board under sub-section (1), like compensation shall be payable in respect of such building by the Board.
