242Compensation and subsidy

242 Compensation and subsidy

(1)  An owner in respect of whose building a preservation order is made –

(a) is entitled to –

(i) compensation for any expenditure made worthless by the order in accordance with the Land Acquisition Act 1993 ; and

(ii) if the cost of maintenance to comply with the order is excessive in relation to the annual value of the building, to a subsidy from the council; and

(b) in the case of financial hardship, may apply to a magistrate, by way of complaint against the council, for an order that the council purchase the building and any of its appurtenances –

(i) at an agreed price; or

(ii) in default of agreement, at a price determined under the Land Acquisition Act 1993 as if the lack of agreement were a disputed claim.

(2)  A subsidy is to be –

(a) an amount agreed between the owner and the council or, in default of agreement, as determined by a magistrate on the complaint of the owner; and

(b) payable yearly for a specified term; and

(c) negotiable or determinable afresh at the end of each term or if there has been a material change of circumstances causing undue hardship to the owner.