Petroleum and Other Minerals Development Act, 1960
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Basis for assessment of compensation in respect of ancillary rights payable under section 25. |
48.—Where compensation is payable under section 25 of this Act for ancillary rights acquired by the Minister under a working facilities acquisition order, the following provisions shall have effect for the purpose of determining the amount of such compensation— | |
(a) the Board shall assess such compensation on the basis of what would be fair and reasonable as the consideration for a bargain between a willing grantor and a willing grantee, | ||
(b) for the purposes of paragraph (a) of this subsection, the Board shall have regard to the conditions subject to which such ancillary rights were held prior to being so acquired and also to the conditions under which and the period for which they were so acquired. |