47Interest on compensation

47 Interest on compensation

(1)  Except as provided in subsection (2) compensation bears interest on and from the day on which –

(a) the notice of acquisition was gazetted; or

(b) the notice to treat was withdrawn or lapsed; or

(c) the acquiring authority or the person authorized by the acquiring authority enters into possession of the subject land –

whichever occurs first, to and including the day on which the compensation is paid to the claimant.

(2)  Compensation in respect of loss, damage or expense incurred as a consequence of –

(a) the amendment or revocation of a notice of acquisition; or

(b) the exercise by an acquiring authority of any power under Part 6 –

bears interest on and from the day on which that loss, damage or expense occurred or was incurred.

(3)  The interest payable under subsection (1) or (2) is calculated on a daily basis at the prescribed rate applicable to that day.

(4)  If the amount of compensation determined under this Act by arbitration or the Court is not more than the amount offered by the acquiring authority under section 40 (4) , interest runs only up to and including the thirtieth day after the day on which that offer was communicated to the claimant, unless the arbitrator or the Court determines otherwise.

(5)  A certificate by the Treasurer that, on a day specified in the certificate, a rate of interest so specified was the prescribed rate on that day –

(a) is admissible in evidence in an arbitration, or in any proceeding before the Court, with respect to a claim for compensation; and

(b) is evidence of that fact.