Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3B - CRISIS RESOLUTION FOR CS FACILITY LICENSEES  

Division 9 - Other matters  

Subdivision D - Other matters  

SECTION 849CE   COMPENSATION FOR ACQUISITION OF PROPERTY  

849CE(1)    
If:

(a)    apart from this section, the operation of this Part would result in an 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 Commonwealth is liable to pay a reasonable amount of compensation to the person.

849CE(2)    
If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

849CE(3)    
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:

(a)    is commenced under this section; and

(b)    arises out of the same event or transaction.

849CE(4)    
To avoid doubt, this section applies in relation to the operation of this Part instead of section 1350 .

849CE(5)    
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.