Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where any money would, apart from this section, be payable to the Commonwealth in respect of any land in discharge of a liability existing at a time when the land is Territory Land , the money is payable to the Territory instead of the Commonwealth.
(2) Where any Territory Land that is not subject to a leasehold interest becomes National Land, the Commonwealth shall pay to the Territory an amount equal to the reasonable compensation that would be payable to the Territory under the Lands Acquisition Act if:
(a) immediately before the land became National Land , the Territory had been granted a leasehold interest in the land by the Commonwealth for the maximum term allowable under subsection 29(3);
(b) that interest was granted for any purpose for which a leasehold interest in that land could be granted;
(c) that interest was subject to any estate in the land existing immediately before it became National Land ;
(d) subject to paragraph ( c), the Territory was not bound by any express or implied covenants (including covenants to pay rent or rates) in relation to that interest; and
(e) when the land became National Land , that interest was acquired by the Commonwealth.
(3) Subsection ( 2) applies only to Territory Land that becomes National Land at any time after the first declaration of National Land .