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Assessment of compensation in respect of interests.
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31.—(1) Subject to the provisions of this section, the amount of compensation payable in respect of any interest in vested land shall,—
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(a) in case such interest was, immediately before the vesting date, subject to any mortgage or mortgages, be fixed, in default of agreement between the Minister, the mortgagor and all the mortgagees, by the Lay Commissioners on the application of the Minister, the mortgagor or any mortgagee, or
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(b) in any other case, be fixed, in default of agreement, by the Lay Commissioners on the application of the Minister or the person claiming the compensation.
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(2) Where compensation has been fixed by the Lay Commissioners, the Minister or any person (including a mortgagee) interested therein may, within one month after the compensation has been so fixed, appeal to the Appeal Tribunal against the award of the Lay Commissioners.
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(3) Where—
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(a) the value of any interest in vested land has been assessed by an assessment order, and
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(b) that interest is subsisting immediately before the vesting date,
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then, subject to subsection (5) of this section, the compensation payable in respect of the interest shall be an amount equal to the sum assessed by the assessment order.
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(4) Where—
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(a) the value of any interest (in this subsection referred to as the original interest) in vested land has been assessed by an assessment order, and
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(b) the original interest is subsisting immediately before the vesting date, and
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(c) any interest (in this subsection referred to as the new interest) has since the date of the assessment order been created out of the original interest,
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the compensation payable in respect of the original interest and the new interest shall not when added together exceed the amount assessed by the assessment order.
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(5) Compensation shall be assessed separately in respect of each interest in vested land.
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(6) Where either—
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(a) (i) any interest in vested land was settled land within the meaning of the Settled Land Acts, 1882 to 1890, and
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(ii) such interest was immediately before the vesting date subject to any charges which are charges subsisting under a settlement, or
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(b) any interest in vested land was immediately before the vesting date subject to any mortgage or mortgages,
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the compensation in respect of such interest shall be fixed on the assumption that it was not so subject.
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