Minerals Development Act, 1940
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Compensation under Part VI. |
53.—(1) Every licensee under an unworked minerals licence or an ancillary rights licence shall pay compensation to such person or persons as shall be specified in such licence. | |
(2) Whenever a preservation of support order is made by the Minister, the person on whose application such order is made shall pay compensation to such person or persons as shall be specified in such order. | ||
(3) Compensation payable under this section (in this Act referred to as compensation under Part VI) shall, in default of agreement between the parties concerned, be fixed in accordance with the provisions of Part VII of this Act. | ||
(4) The Minister may attach to an unworked minerals licence, an ancillary rights licence, or a preservation of support order a condition that such licence or order shall not come into operation until the compensation payable in respect thereof under this section has been fixed and, if or in so far as such compensation consists of a lump sum, has been paid or security to the satisfaction of the Minister has been given for the payment thereof. |