Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) This section applies where the Executive is liable to pay compensation to a claimant under this part in respect of the acquisition of an interest, other than a mortgage interest.
(2) The claimant is entitled to payment by the Executive of interest on the compensation at the rate specified in, or ascertained in accordance with, the regulations from the day of the acquisition until the day on which the compensation is paid, or where payment is delayed through a default or delay of the claimant, until the day on which the compensation would have been paid but for the default or delay.
(3) For subsection (2), if—
(a) the Executive made an offer of compensation to the claimant; and
(b) the claimant rejected the offer; and
(c) the amount of compensation determined under this part is less than the amount of the offer;
the payment of the compensation shall be taken to have been delayed through a delay of the claimant and the day on which the compensation would have been paid but for that delay shall be taken to be the day on which the claimant received notice of the offer.
(4) If, on the day following the end of the period of 3 months that commenced on the day of the acquisition or any succeeding period of 3 months, the interest payable to the claimant under subsection (2) in respect of the period has not been paid, this part has effect as if, on that day, the amount of compensation payable were increased by the amount of the unpaid interest.
(5) Interest is not payable to the claimant on the whole or any part of the compensation otherwise than in accordance with this section.