102Interest in land to be offered first to former owner

102 Interest in land to be offered first to former owner (a) an acquiring authority acquired an interest in land by the vesting of the interest in the acquiring authority by section 33 (5) (a); and (b) the acquiring authority has not made substantial improvements to the land; and (c) the Executive proposes to authorise the disposal of the interest; and

(d) if authorised, the disposal would be likely to occur before the end of 7 years after the acquisition of the interest by the acquiring authority; the Executive shall, in authorising the disposal, require the acquiring authority to first offer the interest for sale to the former owner at the market value of the interest at the time the offer is made. (2) An offer shall be made by the Executive by written notice given to the former owner and shall specify the amount that, in the opinion of the Executive, represents the market value of the interest at the time of the offer. (3) The acquiring authority shall not dispose of the interest to a person other than the former owner within 28 days after the day on which the offer is made. (4) If, within that period of 28 days, the former owner gives to the Executive notice that he or she wishes to purchase the interest from the acquiring authority, the authority shall not dispose of the interest to a person other than the former owner within 2 months after the notice is given. (5) If the former owner makes an application to the ACAT, the acquiring authority must not dispose of the interest to a person other than the former owner— (a) until the end of 14 days after the day the ACAT’s decision on the application takes effect; or (b) if, within the 14-day period, the owner gives the Executive written notice of the owner’s wish to buy the interest from the Commonwealth at the market value decided by the ACAT— until the end of 2 months after the day the ACAT’s decision on the application takes effect. (6) The Executive may, by notice in writing given to the former owner, extend the period of 2 months referred to in subsection (5) (b).

(7) The validity of the disposal of an interest in land is not affected by a failure to comply with this section. (8) In this section: former owner, in relation to an interest in land, means— (a) if the interest was acquired by the acquiring authority from only 1 person and that person is still alive or, in the case of a corporation, is still in existence—that person; and (b) in any other case—such persons (if any) as the Executive, having regard to the interests that existed in the land immediately before the acquisition, considers to be fairly entitled to the benefit of subsection (1). market value—see section 46.