27Compensation value

#### 27 Compensation value 27 Compensation value > For the purposes of paragraph (a) of the definition of compensation value in section 154 of the Act, the determination of compensation under section 55 of the [Land Acquisition (Just Terms Compensation) Act 1991](/view/html/inforce/current/act-1991-022) is modified as follows— > > > (a) sections 56 (1) (b) and (2) and 62–65 of that Act are taken not to apply in respect of that section, > > > (b) any references in that Act to “acquisition”, “compulsory acquisition” or “the public purpose for which the land was acquired” are taken, for the purposes of that section, to be references to the strata renewal proposal, > > > (c) the buyer and seller referred to in section 56 of that Act are to be assumed to take into account the highest and best use of the land, > > > (d) the matters set out in section 55 of that Act are to be valued at the following times— > > > > > (i) for the purposes of inclusion in a strata renewal plan—on a day that is not more than 45 days before the day on which the general meeting of the owners corporation is held under section 172 of the [Strata Schemes Development Act 2015](/view/html/inforce/current/act-2015-051) to consider the plan, > > > > > (ii) for the purposes of an application made under section 179 of the [Strata Schemes Development Act 2015](/view/html/inforce/current/act-2015-051) for an order to give effect to a strata renewal plan—on a day that is not more than 45 days before the day on which the application is made.