Clause 7

by deleting the colon appearing at the end of the fifth line of subsection (1) thereof and substituting therefor a full-stop and by deleting the proviso thereto;

by inserting immediately after subsection (5) thereof the following new subsections: —“(6) For the purposes of this section the Valuation List shall be deemed to be inaccurate in a material particular where —

the Chief Assessor is of the opinion that the annual value of a property included in the Valuation List does not correctly represent the annual value evidenced by —

the rental obtained from a tenant in respect of a property previously occupied by the owner;

the increased or decreased rental obtained in respect of the letting out of that or similar property; or

the consideration paid or value passing on the sale or transfer directly or indirectly of any estate or interest in that or similar property, including the sale or transfer of seventy-five per centum or more of the issued ordinary shares of a land-owning company, whether or not the Chief Assessor exercises the option given in paragraph (b) of the proviso to the definition of “annual value” in section 2;

the Chief Assessor is of the opinion that the rental, if any, obtained from the tenant is lower than the gross amount at which the property could reasonably be expected to be let from year to year;

any new building is erected or any building is re-built, enlarged, altered, improved or demolished;

property, not exempted from the provisions of this Ordinance, has not been included in the Valuation List:Provided that any alteration to a Valuation List required for the purpose of correcting any of the matters referred to in paragraphs (a), (b) and (d) of subsection (2) of section 8 or for the correction of any clerical or arithmetical error therein, shall not in itself constitute an amendment and may be made at any time.(7) For the purposes of this section a“land-owning company” means a company the main object or one of the main objects of which is the development of property by the construction of houses or buildings thereon for the purpose of sale or rent.”.