Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts174. (1) In this section—“lessee” has the same meaning as in section 173; “market value”, in relation to improvements on land, means the amount by which the improvements increase the value of the lease of the land, assuming that the lease, together with the improvements, were offered for sale on the open market on the day immediately before the prescribed day on such reasonable terms and conditions as a bona fide seller might require; “prescribed day”, in relation to land a lease of which has expired, or has been terminated or surrendered, means the day of expiry, determination or surrender, as the case may be.
(2) Where compensation is payable under section 173 in respect of improvements, the Minister shall, as soon as practicable after the day that is the prescribed day in relation to the land on which the improvements are situated, by instrument determine, in accordance with this section, the market value of the improvements on the land as at the prescribed day.
(3) Where compensation is payable under subsection 173 (3), the Minister shall, in valuing the improvements, assume that the lease of the land had been renewed subject to the same provisions, and for the same term, as the lease which has expired.
(4) Where compensation is payable under subsection 173 (5), the Minister shall, in valuing the improvements, assume that the lease of the land had not been terminated or surrendered.