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Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Repeal Bill 2006

Schedule 2 Compensation

   

1  Compensation for acquisition of property

(1)       If the operation of item 1 of Schedule 1 would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.

(2)       If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

(3)       The Consolidated Revenue Fund is appropriated for the purposes of this item.

(4)       In this item:

acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.

just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.