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Coal Industry Nationalisation Act 1946

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13Determination of values for compensation purposes

(1)As soon as may be after a compensation unit has been allocated to a valuation district, and it has been determined under section eleven of this Act whether and to what extent the value of each transferred interest included therein is attributable to usefulness for activities relevant to district wages ascertainments, the District Valuation Board for the district shall determine the value of the unit and determine how much of that value is coal industry value and how much of it is value for subsidiary purposes.

(2)For the purposes of the District Valuation Board's determinations and of any review thereof by a referee, particulars of the transferred interests included in the compensation unit as ascertained under the regulations to be made in that behalf shall be transmitted by the Minister to the District Valuation Board, and particulars so transmitted shall be presumed conclusively to be correct, subject only to any provision for rectification thereof which may be made by regulations.

(3)For the purposes aforesaid the separation of the value of a compensation unit as between its coal industry value and its value for subsidiary purposes shall be made by reference to the determinations of the Minister or of the accountants or arbitrator under subsection (4) of section eleven of this Act, and, if the unit includes two or more transferred interests, to the extent to which the value of the unit appears to the District Valuation Board to be attributable to those interests respectively.

(4)For the purposes aforesaid the value of a compensation unit shall be taken to be the amount which it might have been expected to realise if this Act had not been passed and it had been sold on the primary vesting date in the open market by a willing seller to a willing buyer, no allowance being made on account of the vesting of the transferred interests comprised in the unit being compulsory :

Provided that provision may be made by regulations requiring the said amount to be estimated on the basis that the purchaser on the assumed sale of the unit would be in a position to use the property in which the transferred interests subsisted with other assets used in association therewith before the transfer, or to be estimated in accordance with other rules prescribed for securing that the said amount shall not be diminished by disregard of any factor appearing to the Minister to be relevant.

(5)For the purposes of the last preceding subsection, the sale of a compensation unit to be assumed shall be a sale thereof (with all property and rights which are to vest in the Board, by virtue of regulations made under or by virtue of section five or six of this Act, with the transferred interests included in the unit) subject to all matters subject to which those interests are to vest in them, but free from any charge or lien for securing money or money's worth or other matters free from which those interests are to vest in them ; and regard shall be had to all relevant circumstances, and, amongst those circumstances,—

(a)to the state of the things in which the transferred interests subsisted at the date of their vesting in the Board ;

(b)to all relevant facts known at the time of the determination or review which were in existence on the primary vesting date, notwithstanding that any of them would not have been known at that date ;

(c)as respects prospects of utilisation of things in which the transferred interests subsisted, to competition from utilisation of other things ;

(d)as respects undergettings, short workings and similar matters, to the prospects of making them up that would have existed if this Act had not been passed ; and

(e)to such other matters as may be prescribed.

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