56GGCompensation for acquisition of property

56GG Compensation for acquisition of property

(1) This section applies if the operation of the CDR provisions would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph).

(2) The person who acquires the property is liable to pay a reasonable amount of compensation to the first‑mentioned person.

(3) If the 2 persons do not agree on the amount of the compensation, the person to whom compensation is payable may institute proceedings in:

(a) the Federal Court; or

(b) the Supreme Court of a State or Territory;

for the recovery from the other person of such reasonable amount of compensation as the Court determines.