(1) A public open space on a subdivided or consolidated land shall, from the date of approval by the District Spatial Planning Committee

(a) vest in the District Assembly; or

(b) Be reserved or utilised by the District Assembly for purposes prescribed by Regulations made under this Act or approved in the local plan.

(2) Where land is reserved by the District Assembly, the reservation shall be without the payment of a fee or the burden of an encumbrance but is subject to the payment of applicable compensation to the original owner if

(a) the District Assembly decides not to make it a public space;

(b) the District Assembly changes the zoning in relation to the land to any other use; or

(c) The period prescribed by the Regulations expires.

(3) Where the District Assembly fails to pay compensation within twelve months of the decision in paragraph (a) of subsection (2) or changes the use of the reserved land, the land shall revert to the original owner.

(4) Where the subdivision or consolidation has been approved by a Joint Spatial Planning Committee or by the Authority in the case where the public space is in respect of land which abuts more than one district, the land shall be assigned a unique parcel number by the District Spatial Planning Committee in accordance with the unique parcel numbering system of the District Assembly and the unique parcel number shall constitute the basis of future applications for a licence, Land Use Certificate or permit.