9.—(1) Bizco 2 must not exercise a power conferred by Part 5 (powers of acquisition) unless guarantees or alternative forms of security in respect of the liability of the undertaker to pay compensation under that Part are in place.
(2) Bizco 3 must not exercise a power conferred by Part 5 unless guarantees or alternative forms of security in respect of the liability of the undertaker to pay compensation under that Part are in place.
(3) The form of guarantee or security referred to in paragraphs (1) and (2), and the amount guaranteed or secured, must be approved by the relevant planning authority; but such approval must not be unreasonably withheld.
(4) The undertaker must provide the relevant planning authority with such information as the relevant planning authority may reasonably require relating to the interests in the land affected by the exercise of the powers conferred by Part 5 for the relevant planning authority to be able to determine the adequacy of the proposed guarantee or security including—
(a)the interests affected; and
(b)the undertaker’s assessment, and the basis of the assessment, of the level of compensation.
(5) A guarantee or other security given in accordance with this article that guarantees or secures the undertaker’s payment of compensation under Part 5 is enforceable against the guarantor or provider of security by any person to whom such compensation is properly payable.