AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 250 Compensation for compulsory acquisition

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 250

  (1)   If:

  (a)   the operation of a validation provision 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; and

  (c)   section   1350 of the Corporations Act 2001 does not apply in relation to the acquisition;

the Commonwealth is liable to pay compensation of a reasonable amount 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 the Court for the recovery from the Commonwealth of such reasonable amount as the court determines.

  (3)   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.

  (4)   In this section:

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

"Court" has the same meaning as in section   58AA of the Corporations Act 2001 .

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

"validation provision" means:

  (a)   section   249; or

  (b)   paragraph   276(1)(b) or subsection   276(4) or (5); or

  (c)   paragraph   277(1)(b) or subsection   277(5) or (6).