Section 3. Compensation to be awarded for loss or damage caused by extinction of rights.

(1) On the passing of this Act, the Collector of Bombay shall commence to take order for award of compensation for any loss or damage caused to any person by the extinction of such rights, in the same manner, as nearly as may be, as if he had been directed under section 7 of the Land Acquisition Act, 1894 (I of 1894), to take order for the acquisition of land. (2) Compensation shall be determined and awarded in accordance, as nearly as may be, with the provisions of the Land Acquisition Act, 1894 (I of 1894), by the said Collector, or, if his award is not accepted, by the Court.