65.— (1) Subject to subsection (3), the exercise of any power under sections 59, 60, 61 or 62 shall be subject to payment of compensation in respect of—

(a) any estate or interest in any fishery, or any other estate or interest in land, acquired under or by virtue of this Act,

(b) any easement or other right in, over, under or in respect of land or any estate or interest in an easement or such another right, so acquired, or

(c) any diminution, by reason of the exercise of the power, in the value of any easement or other right in, over, under or in respect of land, or any other estate or interest in any land or in any easement or such right,

and the compensation, together with any interest payable on it by virtue of subsection (2), shall be paid by—

(i) in case the power is exercised under section 60, IFI, and

(ii) in any other case, the person in whose favour the power is exercised.

(2) (a) Subject to paragraph (b), where compensation is payable to a person under this section in respect of the exercise of a power under this Act, there shall be paid in accordance with subsection (1) interest on the amount of the compensation payable to the person, at such rate as shall be determined from time to time for the purposes of this section by the Minister for Finance, from the date on which the power is exercised until the payment of such compensation.

(b) If—

(i) the person by whom compensation under this section is payable makes an unconditional offer in writing of any sum as compensation to the person to whom the compensation is payable,

(ii) the offer is not accepted by the person to whom it is made, and

(iii) the sum awarded as compensation by the official arbitrator does not exceed the sum so offered,

no interest shall be payable on such compensation.

(3) A claim under this section for payment of compensation shall, in default of agreement, be determined by arbitration under the Acquisition of Land (Assessment of Compensation) Act 1919, in like manner in all respects as if such claim arose in relation to compulsory acquisition of land, and for this purpose IFI shall be deemed to be a planning authority and a public authority within the meaning of that Act.

(4) The following provisions shall have effect in relation to the fixing of the compensation payable under this section in respect of a fishery to which an authorisation under section 60 relates, namely, IFI or the official arbitrator, as may be appropriate, may have regard to the following—

(a) the current market value of the fishery,

(b) evidence of profitability of the fishery by reference to both—

(i) profits for a period ending prior to such authorisation, and

(ii) a profit forecast regarding the fishery which is—

(I) related to a period equal in length to the period referred to in subparagraph (i) but beginning on a day which is subsequent to such authorisation, and

(II) estimated both on a reasonable basis and on the assumption that the fishery continued to be used by the occupier and had not been so acquired.

(5) Sections 69 to 74 and 76 to 80 of the Lands Clauses Consolidation Act 1845, shall apply to any compensation payable under this section, and for the purposes of such application IFI shall be deemed to be the promoter of the undertaking.

(6) A claim for compensation under this section shall be brought within—

(a) in case the person entitled to the compensation is a minor or a person of unsound mind, a period of 6 years from the date when such person ceases to be under such disability or dies, whichever event first occurs, but not more than 30 years after the exercise of the relevant power under this Act, or

(b) in any other case, a period of 6 years from the date of the exercise of such power.

(7) Subject to subsection (6), compensation under this section may be paid to the personal representatives of a person entitled to it.

(8) In this section “official arbitrator” means the official arbitrator under the Acquisition of Land (Assessment of Compensation) Act 1919.