Procedure for acquisition of reversionary interests.E+W
2For the purpose of acquiring such reversionary interests as aforesaid, Part I of the M1Compulsory Purchase Act 1965 shall apply as if the trustees were an authority authoritised to acquire the premises by virtue of a compulsory purchase order, made under the M2Acquisition of Land (Authorisation Procedure) Act 1946 ; but in relation to any acquisition under this Act the following provisions shall have effect :—
(a)in Part I of the Compulsory Purchase Act 1965 section 4 (time limit for acquisition) shall not apply, and for the purposes of the said Part I “land” shall include easements in or relating to land ;
(b)the consideration payable in respect of any intermediate reversion may, at the option of the person entitled to that reversion, be an annual rentcharge for a term corresponding to the unexpired residue of the term of the reversion ;
(c)in determining the amount of any compensation the value of any buildings erected or improvement made by the trustees, shall be excluded ;
(d)no allowance shall be made on account of the acquisition being compulsory ;
(e)in determining the amount of compensation in any case where the rent reserved under the lease is less than the full annual value of the land the compensation, so far as it is payable in respect of the interest of the lessor expectant on the expiration of the term of the lease, shall not be ascertained on the basis of the rent so reserved, but, subject always to the foregoing provisions of this section, on the estimated full value of the land at the expiration of the term of the lease.