New South Wales Consolidated Acts

OFFSHORE MINERALS ACT 1999 - SECT 49

49 Compensation for acquisition of property due to suspension of rights

(1) If:

(a) the Minister suspends licence rights under section 48, and

(b) the suspension results in the acquisition of property from a person, and

(c) the State and the person agree on an amount of compensation for the acquisition,

the State must pay the person the agreed amount of compensation.

(2) If:

(a) the Minister suspends licence rights under section 48, and

(b) the suspension results in the acquisition of property from a person, and

(c) the State and the person do not agree on an amount of compensation for the acquisition, and

(d) the person brings an action for compensation against the State in the Supreme Court,

the State must pay the person the amount of compensation (if any) that is determined by that Court.

(3) In this section:
"acquisition of property" has the same meaning as it has in section 51 (xxxi) of the Commonwealth Constitution .