124C
In forceCompensation for effect of taking of land in a 1923 Act petroleum tenure’s area on 1923 Act petroleum interests
Part 9Miscellaneous
Division 2Miscellaneous provisions for 1923 Act petroleum tenures
124C Compensation for effect of taking of land in a 1923 Act petroleum tenure’s area on 1923 Act petroleum interests
(1)
This section applies if land in a 1923 Act petroleum tenure’s area is taken under a resumption law (including by taking or otherwise creating an easement).
(2)
In assessing any compensation to be paid to the holder of a 1923 Act petroleum interest in relation to the taking of the land, allowance can not be made for the value of petroleum known or supposed to be on or below the surface of, or produced from, the land.
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