15Compensation for vesting or extinguishment

15 Compensation for vesting or extinguishment

(1)  On the day (the relevant day) on which an area of land vests in the Crown under section 11 , a person who was, immediately before that day, an owner of the area of land is entitled to compensation for the vesting in the Crown of that area of land.

(2)  On the day (the relevant day) on which a licence, lease or sublease is extinguished under section 12 , a person who, immediately before that day, held the licence, lease or sublease is entitled to compensation for the extinguishment.

(3)  Subsection (2) does not apply in relation to a lease in respect of land that was, immediately before the relevant day, land to which a lease from the Crown to Tasmanian Railway Pty Ltd (ACN 139 383 761) related but applies in relation to a sublease under such a lease.

(4)  The entitlement of a person to compensation under subsection (1) or (2) in relation to a vesting or extinguishment is extinguished at the end of the period of 12 months commencing on the relevant day, if the person does not, within that period, lodge a claim under subsection (5) in relation to the vesting or extinguishment.

(5)  A person who is entitled under subsection (1) or (2) to compensation in relation to a vesting or extinguishment may lodge, in writing, with the Secretary a claim for compensation in relation to the vesting or extinguishment.

(6)  Compensation is the amount agreed, in writing, between the person and the Minister.

(7)  Before agreeing an amount of compensation, the Minister must obtain the approval of the Valuer-General to that amount.

(8)  In determining whether to approve an amount of compensation, the Valuer-General is to apply the same principles, with any necessary modification, as he or she would apply in approving an amount of compensation for the purposes of section 40(8) of the Land Acquisition Act 1993 .

(9)  If the person and the Minister cannot agree on the amount of compensation, the claim for compensation is to be determined as if it were a disputed claim for compensation under the and for that purpose –