96Entitlement to compensation—pre‑acquisition declaration or section 24 certificate made but acquisition not proceeded with

96 Entitlement to compensation—pre‑acquisition declaration or section 24 certificate made but acquisition not proceeded with

(1) Where: (a) a pre‑acquisition declaration is revoked or ceases to have effect because of subsection 44(2) or 46(3); (b) a person who, when the declaration was in force, was an owner of an interest affected by the declaration, suffers loss as a direct, natural and reasonable consequence of the making of the declaration; and (c) either: (i) within 3 years after the declaration is revoked or ceases to have effect, the person claims compensation in accordance with section 97 in respect of the loss; or (ii) the Minister makes an offer of compensation to the person under subsection 101A(2) in respect of the loss; the Commonwealth is liable to pay to the person as compensation such amount as will justly compensate him or her for the loss. (2) Where: (a) a certificate under section 24 is revoked or ceases to have effect because of subsection 46(3); (b) a person who, when the certificate was in force, was a person affected by the certificate, suffers loss as a direct, natural and reasonable consequence of the giving of the certificate; and (c) either: (i) within 3 years after the certificate is revoked or ceases to have effect, the person claims compensation in accordance with section 97 in respect of the loss; or (ii) the Minister makes an offer of compensation to the person under subsection 101A(3) in respect of the loss; the Commonwealth is liable to pay to the person as compensation such amount as will justly compensate him or her for the loss.