INSURANCE ACT 1973 - SECT 127A Compensation for acquisition of property

INSURANCE ACT 1973 - SECT 127A

  (1)   If the operation of this Act 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 the Federal Court for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

  (3)   In this section:

"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.