2(1)The Assessor of Public Undertakings (Scotland) (hereinafter referred to as " the Assessor ") shall, not later than the thirtieth day of April, nineteen hundred and sixty-one, determine for each Gas Board the amount which for the purposes of this Schedule, and subject to the provisions of paragraph 7 thereof, is to be the basic rateable valuation of that Board, and such amount shall be the rateable valuation of the Board's undertaking for the basic year.
(2)For the purpose of determining that amount the Assessor shall value all the lands and heritages, other than excepted premises, occupied by the Gas Board in accordance with the principles applied by the Assessor before the passing of this Act in valuing lands and heritages belonging to the Scottish Gas Board subject, however, to such modifications in those principles as the Secretary of State may by order prescribe after consultation with the Gas Boards, the Advisory Council and such associations of local authorities as appear to him to be concerned.
(3)The power to make an order conferred on the Secretary of State by this paragraph shall be exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.