Commonwealth Consolidated Acts(1) Where the Commonwealth has failed to enter into an agreement with a State for the acquisition of any particular marine navigational aid the property of that State, the Commonwealth may acquire by compulsory process the marine navigational aid together with any lighthouse tender, store vessel, stores or equipment or other property used by it or him in connexion with the marine navigational aid, and so much of the land reserved dedicated set apart or used for the purpose of the marine navigational aid as the Governor-General thinks sufficient.
(2) For the purposes of this section, any marine navigational aid vested in any authority of a State shall be deemed to be the property of the State.
(3) The provisions of the Lands Acquisition Act 1989 in relation to the acquisition of interests in land by compulsory process and to the determination of the amount of compensation payable in respect of interests so acquired shall so far as applicable apply in relation to the acquisition of any marine navigational aid under this section.
(4) The mode of compensation to the State in respect of each marine navigational aid acquired under this section shall be the payment in perpetuity of interest at the rate of three and one-half per centum per annum on the amount of compensation so determined in respect of the marine navigational aid so acquired.
(5) The interest payable in pursuance of this section shall be payable as from the date of the acquisition of the marine navigational aid, and shall be paid annually or at such shorter periods as the Finance Minister thinks fit.
(6) All payments to be made in pursuance of this section shall be payable out of moneys from time to time appropriated by the Parliament for the purpose.
(7) In this section, other than subsection (1), the words marine navigational aid , include any lighthouse tender, store vessel, stores, equipment or other property, or land, acquired by the Commonwealth under subsection (1) of this section.
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