Document ID: chunk:federal_register_of_legislation:C2023C00427:clause:2_58
Version: federal_register_of_legislation:C2023C00427
Segment Type: clause
Provision Reference: sch 2 cl 58
Character Range: 73865–76401

58  Compensation for acquisition of property

Part 2
(1) If the operation of Part 2 would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.
(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

Payment of dividend, or return of capital, to the Commonwealth etc.
(3) If:
 (a) a Medibank Private company:
 (i) pays a dividend to the Commonwealth; or
 (ii) returns capital to the Commonwealth; or
 (iii) buys back one or more shares in the company held by the Commonwealth; or
 (iv) reduces its share capital, and pays or gives consideration to the Commonwealth in relation to that reduction; and
 (b) the payment of the dividend, the return of capital, the buy back or the payment or giving of consideration, as the case may be, would result in an acquisition of property from a person otherwise than on just terms;
the Commonwealth is liable to pay a reasonable amount of compensation to the person.
(4) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

Item 20 or 57
(5) If:
 (a) the operation of item 20 would, or the former item 57 did, result in an acquisition of property from a person otherwise than on just terms; and
 (b) subitem (3) does not apply in relation to that operation;
Medibank Private is liable to pay a reasonable amount of compensation to the person.
(6) If Medibank Private and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court for the recovery from Medibank Private of such reasonable amount of compensation as the court determines.
(7) Medibank Private may make a payment from the Medibank Private fund for the purpose of paying compensation under subitem (5) or (6).
(8) A payment, or a decision to make a payment, under subitem (7) does not contravene section 28 of the Private Health Insurance (Prudential Supervision) Act 2015.

Definitions
(9) In this item:
acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.
just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.