Tasmanian Consolidated Acts Tasmanian Consolidated Acts
(1) The holder of a prior right that is abrogated under section 21 is entitled to compensation for any liability incurred or loss sustained unless –
(a) the abrogation is necessary to ensure that the total quantity of water permitted to be taken from the relevant water resource does not prevent the achievement of the water regime that best gives effect to the environmental objectives referred to in section 14(2)(a); or
(b) the holder consents to the abrogation or reduction.
(2) In default of an agreement between the Minister and the holder of the prior right, the amount of compensation is to be determined in accordance with the Commercial Arbitration Act 1986.
(3) For the purposes of this section, any compensation is to be paid out of the Consolidated Fund without further or other appropriation than this section.
(4) In determining the amount of compensation under subsection (1), any benefit to the holder of the prior right arising from the abrogation is to be taken into account.