(1)In this section—
“the Council” means the Newton-on-Trent parish council;
“the exchange land” means plot number 2 on the deposited plan;
“the highway land” means plot number 3 on the deposited plan;
“the parish land” means plot number 1 on the deposited plan;
“the vesting day” means such day as the Company, or after the appointed day the registered company, may, after either has acquired an unencumbered freehold interest in the exchange land, appoint for the purposes of subsection (2) of this section.
(2)On the vesting day—
(a)the highway land and the parish land shall vest in the Company (or, if the vesting day is not earlier than the appointed day, the registered company) and all such land shall thereupon be discharged from all rights, interests, restrictions, trusts and incidents to which it was previously subject; and
(b)the exchange land shall vest in the Council and shall be held by them subject to such public or customary rights as attached to the parish land immediately before the vesting day.
(3)Any person who suffers loss by reason of the extinguishment under this section of any private right or interest other than a customary right shall be entitled to be paid compensation by the Company, or in the event of the dissolution of the Company in accordance with section 53 (Dissolution of Company) of this Act the registered company, the amount of such compensation to be determined in case of dispute by the Lands Tribunal.