New South Wales Consolidated Acts New South Wales Consolidated Acts(cf Act No 7, 1912, s 18B)
(1) The Governor may by proclamation withdraw from the Corporation any land vested in the Corporation under this Act.
(2) On publication of the proclamation in the Gazette the land specified in the proclamation ceases to be vested in the Corporation and is taken to be Crown land reserved under the Crown Lands Act 1989 .
(3) On any land so withdrawn being subsequently sold, leased or otherwise disposed of, subsections (4) and (5) apply.
(4) If the land is land that was not Crown land and was compulsorily acquired or purchased for housing purposes, the proceeds of the sale or lease or other disposition, less the costs of collection and other necessary expenses, are to be paid to the Housing Account.
(5) If the land is land that was Crown land and was compulsorily acquired for housing purposes, the proceeds of the sale, lease or other disposition are to be applied as follows:(a) the costs of collection and other necessary expenses are to be paid first,(b) of the balance, the amount which represents the value of the land at the date of the acquisition is to be credited to such accounts as it would be credited to if the amount were received in the ordinary course of the alienation of Crown land,(c) of the balance remaining, the Housing Account is to be credited with the amount (if any) expended from that account in respect of the acquisition and any works for the improvement of the land,(d) if there is any balance remaining, the surplus is to be divided equally, and one-half credited to the Housing Account and the other half credited as specified in paragraph (b).