Municipal property tax exemption for Corporation-owned property applies only when title and possession both vest in the Corporation.

Municipal property tax could be levied on houses owned by a Municipal Corporation but occupied by allottees under a hire-purchase arrangement. The exemption for buildings and lands "vesting in the Corporation" was construed contextually to apply only where the Corporation held the property in both title and possession and used it itself. Because the allottees were in actual occupation while the Corporation retained title pending instalment completion, the exemption did not apply. Property belonging to the Corporation but occupied by others therefore remained taxable under the Act.

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Issues: Whether municipal property tax could be levied on houses owned by the Municipal Corporation but occupied by allottees under a hire-purchase arrangement, and whether such properties were exempt under the provision excluding buildings and lands vesting in the Corporation.

Analysis: The scheme of the Act imposed a duty to levy property taxes on lands and buildings, subject to specified exemptions. The exemption for properties vesting in the Corporation was read in light of the overall scheme and the purpose behind the exemption, namely that the Corporation should not tax property that is both owned and used by itself. The provision dealing with primary liability of the actual occupier also showed that the Act contemplated taxation of properties belonging to the Corporation when they were in the occupation of persons other than the Corporation. The expression "vesting" was therefore construed contextually to mean vesting not merely in title but also in possession. Since the allottees were in actual occupation and the Corporation alone retained title until completion of instalments, the statutory exemption did not apply.

Conclusion: The houses occupied by the allottees were not exempt from municipal tax, and the tax levy on them was valid.

Ratio Decidendi: An exemption for property "vesting in the Corporation" applies only when the Corporation holds the property both in title and in possession and uses it itself; property merely owned by the Corporation but actually occupied by others remains taxable.

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