Land Acquisition Act (consolidated to 10-5-02) interested party who is not a major or who is incapable of managing his affairs, then the Master may pay out such moneys in terms of any such consent. (4) If a dispute or doubt arises as to the person who is to receive any compensation payable in terms of this Part or Part VA or if the acquiring authority is not satisfied that the amount of any debt referred to in section 26 will, so far as is possible, be paid or otherwise secured, the acquiring authority shall retain the amount of such compensation until the dispute has been settled or the doubt has been resolved or he is so satisfied, as the case may be. [Subsection amended by s. 14 of Act 15/2000.] 29 Payment of interest on compensation moneys Interest shall be paid by an acquiring authority at a rate, being not less than the current rate of interest prescribed in terms of the Prescribed Rate of Interest Act [Chapter 8:09] on compensation awarded to a claimant in terms of this Part or Part VA for the period extending from the date on which the land was acquired in terms of this Act to the date the money is paid to the claimant or paid to the Master of the High Court in terms of subsection (1) of section 28. [Section amended by s. 15 of Act 15/2000.] PART VA COMPENSATION FOR AGRICULTURAL LAND REQUIRED FOR RESETTLEMENT PURPOSES [Part inserted by s. 16 of Act 15/2000.] 29A Compensation Committee (1) There is hereby established a committee, to be known as the Compensation Committee, which shall consist of— (a) the Secretary of the Ministry responsible for lands, who shall be the chairman of the Committee; and (b) the Secretary of the Ministry responsible for justice; and (c) the Secretary of the Ministry responsible for finance; and (d) the Director of Agricultural, Technical and Extension Services in the Ministry responsible for lands; and (e) the Chief Land Officer; and (f) the Chief Government Valuation Officer; and (g) not more than five other members appointed by the Minister. (2) The provisions of sections 31 to 38 which apply to the Derelict Land Board and its members shall apply, mutatis mutandis, to the Compensation Committee and those of its members who are appointed in terms of paragraph (g) of subsection (1). (3) The functions of the Compensation Committee shall be to determine the compensation payable in respect of the acquisition of agricultural land required for resettlement purposes and to perform such other functions as may be assigned to it by or in terms of this Act or any other enactment. 29B Procedure for assessing compensation (1) As soon as possible after a preliminary notice has been published in respect of any agricultural land required for resettlement purposes, a designated valuation officer shall prepare a preliminary estimate of the compensation payable for improvements or the land, as the case may be, in terms of this Part in respect of the acquisition, and shall transmit his preliminary assessment to the Compensation Committee. (2) For the purpose of preparing a preliminary estimate of compensation in terms of subsection (1), a designated valuation officer may exercise the powers conferred by section 11 upon an authorised representative of an acquiring authority. (3) On receipt of a preliminary assessment of compensation in terms of subsection (1), the Compensation Committee, after carrying out such further investigations as it considers necessary, shall without delay— (a) prepare its own estimate of the compensation payable in terms of this Part in respect of the acquisition concerned; and (b) give written notification— (i) of its estimate to every person who is entitled in terms of section 16 to be paid compensation in respect of the acquisition concerned; and (ii) inviting every person whom it has notified in terms of subparagraph (i), if he disputes the Compensation Committee’s estimate, to submit, in such manner and within such reasonable time as the Compensation Committee may specify, any representations, whether in the form of a claim for compensation or otherwise, that he may wish to make in regard to the Compensation Committee’s estimate of compensation payable to him. (4) After considering any representations submitted in response to an invitation in terms of subparagraph (ii) of paragraph (b) of subsection (3), the Compensation Committee shall, subject to sections 21 and 29C, fix the compensation payable for improvements or the land, as the case may be, and shall give written notification of its assessment to the owner of the land concerned and every other person who is entitled in terms of section 16 to be paid compensation in respect of the acquisition concerned. 29C Assessment of compensation and manner and period of payment (1) In respect of the acquisition of agricultural land required for resettlement purposes, compensation shall only be payable for any improvements on or to the land, in accordance with this section: - 12 -