17Vesting of, and compensation in respect of, acquired council land

17 Vesting of, and compensation in respect of, acquired council land

(1)  On the surrender day, the acquired council land vests in the Crown.

(2)  The Hobart City Council is entitled to compensation for the vesting under subsection (1) of the acquired council land.

(3)  The Hobart City Council's entitlement to compensation under subsection (2) is extinguished at the end of the period of 6 months commencing on the surrender day, if the Hobart City Council does not lodge, in writing, with the Secretary, a claim for compensation within that period.

(4)  Compensation is the amount agreed, in writing, between the Hobart City Council and the Minister.

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

(6)  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 .

(7)  If the Hobart City Council 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 Land Acquisition Act 1993 and for that purpose –

(a) this section is taken to be a notice of acquisition, within the meaning of that Act, gazetted under section 18 of that Acton the day after the surrender day; and

(b) the Crown is the acquiring authority.