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Amendment of section 53 of Principal Act
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29. Section 53 of the Principal Act is amended—
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(a) by inserting, after subsection (6), the following:
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“(6A) Where a further global valuation in relation to a public utility undertaking is carried out in accordance with subsection (6), any value in relation to any property that comprised part of the previous global valuation of that public utility undertaking (being its value immediately before it was comprised in the global valuation) but does not comprise part of the further global valuation, shall be entered in a valuation list on the same date as the further global valuation is entered in the central valuation list under section 55.”,
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(b) by inserting, after subsection (7), the following:
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“(7A) After the carrying out of a global valuation in relation to a public utility undertaking and prior to the carrying out of a further global valuation in accordance with subsection (6), any property or properties comprised in that global valuation shall, except where provided for in subsection (7B), not be subject to a valuation under Part 5 or a revision under Part 6.
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(7B) Notwithstanding subsection (7A), after the determination of a global valuation in relation to a public utility undertaking and prior to the carrying out of a further global valuation in accordance with subsection (6), any property comprised in that global valuation list that is disposed of or, in the opinion of the Commissioner, no longer occupied by that public utility undertaking for the purposes set out in subsection (5), may be subject to a valuation under Part 5 or a revision under Part 6, unless it is subsequently occupied by another public utility undertaking that has been the subject of a global valuation under this section and, in the opinion of the Commissioner, used for the purposes set out in subsection (5).
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(7C) Where a public utility undertaking that has been the subject of a global valuation—
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(a) acquires a relevant property after that global valuation has been carried out, and
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(b) that relevant property is, in the opinion of the Commissioner, used for the purposes set out in subsection (5),
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such relevant property shall not be subject to a valuation under Part 5 or a revision under Part 6 until it meets the criteria set out in subsection (7B).”,
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and
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(c) in subsection (9), by substituting “4 months” for “2 months”.
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