Compensation in certain cases of acquisition

(1) Upon any acquisition under section 40(1), the Director may pay to the person who had registered possession, custody or control of the ancient monument or antiquity such sum of money by way of reasonable compensation as the parties may agree to, Provided that the Director shall in his absolute discretion be first satisfied that– (a) the person had exercised a substantial measure of possession, custody or control over such ancient monument or antiquity; and (b) the person had suffered financial loss arising directly out of or in connection with the actual acquisition by the State of the possession of the ancient monument or antiquity; or (c) the person had during the period of five years immediately preceding the date of the service of the notice of acquisition under section 40(1), expended sums of money by way of maintenance or preservation or improvement of the ancient monument or antiquity. (2) Where the parties fail to agree on the amount of compensation to be paid under sub-section (1) of this section, the matter of the amount to be paid by way of reasonable compensation shall be referred by the Director to a single arbitrator appointed by the Director, whose award shall be final and binding upon the parties. (3) The Arbitration Act shall have no application to any arbitration pursuant to any reference to an arbitrator under sub- section (2). CAP. 125. National Institute of Culture 28 and History (4) No payment or award by way of reasonable compensation under this section shall take account of any market or other commercial valuation of any ancient monument or antiquity or any question of prospective or future loss of any description by any person.