3(1)All rights in, over or under land which may be compulsorily acquired under section 4 of this Act, including rights of laying down, erecting, continuing or maintaining any apparatus on, over or under land, shall be extinguished on the earlier of—
(a)the acquisition of the land, or
(b)the entry on the land in pursuance of section 11(1) of the [1965 c. 56.] Compulsory Purchase Act 1965, as applied by that section;
and any such apparatus shall vest in the Development Corporation.
(2)Sub-paragraph (1) above shall not apply to—
(a)any right vested in, or apparatus belonging to, statutory undertakers for the purposes of carrying on their statutory undertaking,
(b)any right vested in, or apparatus belonging to, the National Rivers Authority, or
(c)any right conferred by or in accordance with the telecommunications code on the operator of a telecommunications code system or any apparatus kept installed for the purposes of any such system;
and any term used in paragraph (c) above to which a meaning is given by paragraph 1 of Schedule 4 to the [1984 c. 12.] Telecommunications Act 1984 has the same meaning as in that Schedule.
(3)Any person who suffers loss by the extinguishment of any right or the vesting of any apparatus under this paragraph shall be entitled to compensation from the Development Corporation of an amount to be determined, in default of agreement, under and in accordance with the [1961 c. 33.] Land Compensation Act 1961.