46.—Section 18 of the Registration of Title Act 1964 is amended by—

(a) the substitution, in subsection (2) (amended by section 3 of the Act of 1991), of—

(i) “market value” for “rateable valuation”, and

(ii) “€3,000,000” for “£200”,

and

(b) the insertion of the following subsection:

“(4) In this section ‘market value’ means, in relation to land, the price that would have been obtained in respect of the unencumbranced fee simple were the land to have been sold on the open market, in the year immediately preceding the bringing of the proceedings concerned, in such manner and subject to such conditions as might reasonably be calculated to have resulted in the vendor obtaining the best price for the land.”.