Financial Sector (Transfer and Restructure) Act 1999

PART 6 - MISCELLANEOUS  

SECTION 44   COMPENSATION FOR ACQUISITION OF PROPERTY  

44(1)    
If the operation of this Act, except Parts 3 and 4A , would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.

44(1A)    
If the Commonwealth and the person do not agree on the amount of the compensation under subsection (1), the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

44(1B)    
If the operation of Part 3 or 4A would result in an acquisition of property from a person otherwise than on just terms, the receiving body is liable to pay a reasonable amount of compensation to the person.

44(1C)    
If the receiving body and the person do not agree on the amount of the compensation under subsection (1B), the person may institute proceedings in the Federal Court of Australia for the recovery from the receiving body of such reasonable amount of compensation as the court determines.

44(2)    
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.

44(3)    
In this section:

acquisition of property
and just terms
have the same respective meanings as in paragraph 51(xxxi) of the Constitution.