(1) This section applies where an interest in land is held by statutory undertakers for the purpose of carrying on their undertaking and—
(a) the interest was acquired by them on or after 6th December 1968; or
(b) it was held by them immediately before that date but the circumstances were then such that the land did not fall to be treated as operational land for the purposes of the 1962 Act.
(2) Where this section applies in respect of any land then, notwithstanding the provisions of section 263, the land shall not be treated as operational land for the purposes of this Act unless it falls within subsection (3) or (4).
(3) Land falls within this subsection if—
(a) there is, or at some time has been, in force with respect to it a specific planning permission for its development; and
(b) that development, if carried out, would involve or have involved its use for the purpose of the carrying on of the statutory undertakers' undertaking.
(4) Land falls within this subsection if—
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