(1)A scheme under section 324 may provide for a transferor or any person who has suffered loss or damage in consequence of the scheme to be entitled to compensation from the Secretary of State or a transferee under the scheme, in accordance with provision made by or under the scheme.
(2)Where a person is entitled to compensation, the amount of compensation is to be the amount—
(a)agreed by the Secretary of State and the person, or
(b)in the absence of such agreement, determined by an independent valuer.
(3)An independent valuer appointed for the purposes of subsection (2) must be appointed—
(a)by the Secretary of State and the person, or
(b)in the absence of such agreement, by the Secretary of State on behalf of both the Secretary of State and the person.
(4)The Secretary of State may by regulations make provision about compensation under this section that corresponds or is similar to any provision about compensation that may be made by the Secretary of State by regulations under paragraph 8(4) of Schedule 9.
(5)Regulations under this section are subject to the negative procedure.
Commencement Information
I1S. 325 in force at Royal Assent, see s. 334(2)(o)