THE CORPORATIONS LAW

CHAPTER 10 - NATIONAL SCHEME PROVISIONS

SECTION 1362BA   COMPENSATION FOR COMPULSORY ACQUISITION  

1362BA(1)  [Compensation]  

If:

(a)  apart from this section, the operation of this Law would result in the acquisition of property from a person otherwise than on just terms; and

(b)  the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;

the person who acquires the property is liable to pay compensation of a reasonable amount to the person from whom the property is acquired in respect of the acquisition.

1362BA(2)  [Proceedings for recovery]  

If the 2 people do not agree on the amount of the compensation, the person to whom compensation is payable may institute proceedings in the Court for the recovery of such reasonable amount as the court determines from the other person.

1362BA(3)  [Take account of other damages etc.]  

Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction.

1362BA(4)  [Meaning of acquisition of property and just terms ]  

In this section:

acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.

just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.