(1) The Principal Act is amended -
(a) in section 119 by substituting the following for subsection (4):
"(4) For the purposes of subsection (3), the annual value of the use of an asset shall be taken to be -
(a) in the case of an asset being premises, the rent which might reasonably be expected to be obtained on a letting from year to year if the tenant undertook to pay all usual tenant's rates, and if the landlord undertook to bear the costs of repairs and insurance, and the other expenses, if any, necessary for maintaining the premises in a state to command that rent, and
(b) in the case of any other asset, 5 per cent of the market value (within the meaning of section 548) of the asset at the time when it was first applied by the body corporate in making any provision mentioned in section 118(1).",
(b) in section 121 -
(i) in subsection (1) (a) -
(I) by substituting the following for the definition of "car":
"'car' means any mechanically propelled road vehicle designed, constructed o
…