5(1)All private rights of way over any land which may be acquired compulsorily under section 2 of this Act shall be extinguished on the acquisition of the land, whether compulsorily or by agreement, or on the entry on the land in pursuance of section 11(1) of the [1965 c. 56.] Compulsory Purchase Act 1965, as applied by section 2 of this Act, whichever is the sooner.
(2)Any person who suffers loss by the extinguishment of any right under this paragraph shall be entitled to compensation to be determined, in case of dispute, under and in accordance with Part I of the [1961 c. 33.] Land Compensation Act 1961.