107Compensation for removal or lapsing of reservation

107 Compensation for removal or lapsing of reservation (1) The owner of land may claim compensation from the planning authority for any financial loss suffered as the natural, direct and reasonable consequence of— S. 107(1)(a) amended by No. 12/2021 s. 10(1)(a). (a) subject to subsection (1A), the amendment of a planning scheme to remove any reservation over the land; or S. 107(1)(b) amended by No. 12/2021 s. 10(1)(b). (b) subject to subsection (1B), the lapsing of an amendment which proposed to reserve the land for public purposes; or (c) the cancellation of a declaration under section 113 affecting the land. S. 107(1A) inserted by No. 12/2021 s. 10(2). (1A) Subsection (1)(a) only applies if the provision of the planning scheme that reserved the land and has been removed (by the amendment) expressly states as a purpose "to reserve land for a public purpose". S. 107(1B) inserted by No. 12/2021 s. 10(2). (1B) Subsection (1)(b) only applies if the provision of the planning scheme that was to be applied to and reserve the land (as a result of the proposed amendment which has lapsed) expressly states as a purpose "to reserve land for a public purpose". (2) A claim for compensation under this section must be made within two years after the removal of the reservation or the cancellation of the declaration or the lapsing of the amendment. (3) The time within which a claim must be made may be extended— (a) by the Minister after consultation with the Minister administering the **Land Acquisition and Compensation Act 1986**; or (b) by agreement between the claimant and the planning authority.