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Compensation in respect of requisition or acquisition of goods other than vessels, vehicles and aircraft

Requisition of Resources Act 1985

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—(1) Subject to this section, the compensation payable under this Act in respect of the requisition or acquisition of any goods is a sum equal to the price which the person who, immediately before the requisition or acquisition, was the owner of the goods might reasonably have been expected to obtain upon a sale of the goods then effected by the owner, regard being had to the condition of the goods at the time and no account being taken of any appreciation in the value of the goods due to any disaster or war, whether actual or imminent.(2) Any compensation under subsection (1) must not —(a)in a case where the owner of the goods, immediately before the requisition or acquisition, was a person who had produced the goods with a view to the sale thereof, exceed the aggregate of —(i)the cost reasonably incurred by that person in producing the goods; and(ii)the profit which that person might reasonably have been expected to make on a sale of the goods effected by that person immediately before the requisition or acquisition; or(b)in a case where the owner of the goods, immediately before the requisition or acquisition, was some person other than the producer of the goods, and the goods had been bought by that person with a view to the sale thereof, exceed the aggregate of —(i)the price which it was reasonable for that person to pay for the goods when they were so bought by that person; and(ii)the profit which that person might reasonably have been expected to make on a sale of the goods effected by that person immediately before the requisition or acquisition,and, in assessing such compensation in any other case, no account is to be taken of any profit which might be expected to be made on a sale of the goods.(3) If, at the time when any goods are requisitioned or acquired by or on behalf of the competent authority in the exercise of any power under this Act, the price or maximum price at which the goods may be sold is fixed by law, subsection (2) is not to be taken to authorise the assessment, by way of compensation under subsection (1) in respect of the requisition or acquisition, a sum exceeding that price or maximum price, as the case may be.(4) In subsection (2), the reference to a person who had produced the goods with a view to the sale thereof, and the reference to the producer of the goods, is to be construed as including a reference to the person’s personal representative or any person carrying on business in succession to the person by virtue of any assignment or transmission by operation of law.(5) The compensation payable under this Act in respect of the requisition or acquisition of any goods includes a sum equal to the amount of any expenses reasonably incurred for the purpose of compliance with any directions given by or on behalf of the competent authority in connection with the requisition or acquisition.(6) Any compensation under subsection (1) accrues due at the time of the requisition or acquisition of the goods, and must, subject to the provisions of this Act, be paid to the person who is then the owner of the goods.(7) Any compensation under subsection (5) accrues due at the time when the expenses in respect of which the compensation is payable are incurred and must be paid to the person by whom or on whose behalf those expenses were incurred.

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