74. In the case of compensation in the form of land, the following rules apply:
(a) the interested Cree village corporation shall indicate its preference to the Government, as to the selection of lands, as soon as the decision to proceed with the development has been communicated to it;
(b) if there is disagreement as to the choice of lands, the Government shall then propose to the corporation, taking into consideration the preference of the latter, an area with characteristics similar to the Category II lands required for the purposes of development, as far as possible, and contiguous to Category II lands;
(c) the area so proposed as replacement land shall be double the size of the land to be replaced. The corporation shall then be entitled to select from that new area a piece of land contiguous to the Category II lands and equal in size to the land appropriated for the purposes of such development as full compensation for the reappropriation of that land;
(d) the procedure provided for in this section begins on the day on which the Government communicates the decision provided for in paragraph a and ends at the latest on the one hundred and twentieth day which follows; nevertheless, the appropriation of lands for development purposes or any related construction work may proceed after 60 days from the beginning of the procedure;
(e) if the corporation does not exercise the right it has under paragraph c within the 120-day period, the compensation shall then be made in the form of lands, chosen by the Government from the proposed replacement lands provided for in paragraph c, unless there is an agreement to submit the matter to final and binding arbitration.