Where a statutory undertaker is entitled to be paid compensation in respect of a compulsory acquisition that is mentioned in section 321(2)(a)(iii), the undertaker may by notice in writing elect that the compensation is to be assessed in accordance with the enactments (other than rule (5) of the rules set out in section 5 of the Land Compensation Act 1961 (c. 33)) that would apply but for section 321.

If the statutory undertaker so elects, the compensation must be assessed in accordance with those enactments.

A statutory undertaker may elect that compensation is to be assessed in accordance with those enactments either in respect of the whole of the land subject to the compulsory acquisition or in respect of part of the land.

A notice under this section must be given to the acquiring authority within 2 months beginning with the day the notice to treat is served in respect of the interest of the statutory undertaker.

In a case where a notice to treat is treated as having been served by virtue of an enactment, the reference in subsection (4) to the day the notice to treat is served is to be read as a reference to the day the notice is treated as having been served.