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(1)Where works for the construction of a pipe-line have been executed (whether before or after the coming into operation of this section) and the value of an interest in land is depreciated in consequence of restrictions taking effect by virtue of subsection (1) of section twenty-seven of this Act or subsection (1) of section thirty-one thereof, being an interest subsisting at the time when those restrictions take effect as respects that land, then, subject to the provisions of the following subsection, there shall be payable in respect of that interest by the owner of the pipe-line compensation of an amount equal to the amount of the depreciation.
(2)The foregoing subsection shall not apply—
(a)where land is acquired, whether compulsorily or by agreement, for the purpose of placing therein a length of pipe-line, to land which, immediately before the acquisition, comprised or was held with the land so acquired;
(b)to land comprising or held with land over which a right to place therein a length of pipe-line has been acquired, whether compulsorily or by agreement (otherwise than by virtue of the acquisition of the land).
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