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FINANCIAL SECTOR LEGISLATION AMENDMENT ACT (NO. 1) 2000 - SECT 5
Compensation for acquisition of property
- (1)
- If:
- (a)
- apart from this section, the operation of section 4 would result in
the acquisition of property from a person otherwise than on just terms; and
- (b)
- the acquisition would be invalid because of paragraph 51(xxxi) of the
Constitution;
the Commonwealth is liable to pay to the person compensation of a reasonable
amount as agreed on between the Commonwealth and the person. If the
Commonwealth and the person do not agree on the amount of the compensation,
the person may institute proceedings in the Federal Court of Australia for the
recovery from the Commonwealth of such reasonable amount of compensation as
the Court determines.
- (2)
- Any damages or compensation recovered or other remedy given in a
proceeding that is commenced otherwise than under this section is to be taken
into account in assessing compensation payable in a proceeding that is
commenced under this section and that arises out of the same event or
transaction.
- (3)
- In this section:
acquisition of property and just terms have the same respective meanings as in
paragraph 51(xxxi) of the Constitution.
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