(1)The Corporation may by notice in writing under this section extinguish any private rights of navigation over the waters comprised in the designated areas.
(2)A notice under this section—
(a)shall specify the rights to which it relates;
(b)shall be served on every person, being the owner or occupier of lands within or adjoining the designated areas, whom the Corporation believes to be—
(i)a person entitled to exercise the rights to which the notice relates; or
(ii)a person claiming to be entitled to such exercise;
(c)shall state that the rights specified in the notice shall be extinguished with effect from a date so specified; and
(d)shall draw attention to the entitlement to compensation created by subsection (5) below.
(3)Any private right of navigation specified in a notice under this section shall be extinguished with effect from the date specified in the notice.
(4)Section 220 of the [1991 c. 57.] Water Resources Act 1991 shall apply to notices under this section as it applies to documents required or authorised to be served by virtue of that Act.
(5)Any person who suffers loss by reason of the extinguishment, by virtue of a notice under this section, of any private right of navigation shall be entitled to be paid by the Corporation compensation to be determined, in case of dispute, by the Lands Tribunal; and the tribunal shall in determining the compensation take into account any contractual right offered by the Corporation in substitution for the right which is extinguished.
(6)No claim shall be brought pursuant to subsection (5) above after three years from the date of the service of the notice.