76Compensation for acquisition of property

76 Compensation for acquisition of property

(1) Where, but for this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms, there is payable to the person by the Commonwealth Bank such reasonable amount of compensation as is agreed on between the person and the Commonwealth Bank or, failing agreement, as is determined by a court of competent jurisdiction. (2) Any damages or compensation recovered, or other remedy given, in proceedings that are instituted otherwise than under this section must be taken into account in assessing compensation payable in proceedings that are instituted under this section and that arise out of the same event or transaction. (3) In this section:

acquisition of property and just terms have the same respective meanings as in paragraph 51(31) of the Constitution.