7Entitlement to compensation for vesting of remaining interest

7 Entitlement to compensation for vesting of remaining interest

(1)  An affected person is entitled to compensation for the vesting in the Crown or a nominee, by reason of section 6 , of his or her remaining interest.

(2)  An affected person's entitlement to compensation under subsection (1) is extinguished at the end of the period of 6 months commencing on the day after completion of the Business Sale Agreement occurs if the affected person does not lodge a claim for compensation, in writing, with the Minister within that period.

(3)  Compensation is the amount agreed, in writing, between the affected person and the Minister.

(4)  Before agreeing an amount of compensation, the Minister must obtain the approval of the Valuer-General to that amount.

(5)  In determining whether to approve an amount of compensation, the Valuer-General is to apply the same principles, with any necessary modification, as he or she would apply in approving an amount of compensation for the purposes of section 40(8) of the Land Acquisition Act 1993 .

(6)  If the affected person and the Minister cannot agree on the amount of compensation, the claim for compensation is to be determined as if it were a disputed claim for compensation under the Land Acquisition Act 1993 and, for that purpose –

(a) a reference in that Act to land is taken to be or include, as appropriate, a reference to rail infrastructure and related assets, including any estates in rail infrastructure and related assets; and

(b) this section is taken to be a notice of acquisition, within the meaning of that Act, validly gazetted on the day after the day on which completion of the Business Sale Agreement occurs; and

(c) the Crown is the acquiring authority.

(7)  No compensation is payable to the Emu Bay Railway Company for the vesting in the Crown or a nominee, by reason of section 6 , of its remaining interest.