Queensland Consolidated Acts Queensland Consolidated Acts(1) A deed of grant of transferred land may contain a reservation to the State of forest products or quarry material above, on or below the surface of the land only if it is declared by regulation that--
(a) the forest products or quarry material is of vital State interest; and
(b) the rights in the forest products or quarry material is reserved to the State.
(2) If a deed of grant of transferred land does not contain a reservation of particular forest products or quarry material above, on or below the land, a regulation may declare that--
(a) the forest products or quarry material are of vital State interest; and
(b) rights in the forest products or quarry material are acquired by the Crown.
(3) If a regulation is made under subsection (1) or (2), the grantees of the land are entitled to be paid by the State such reasonable compensation because of the reservation or acquisition as is agreed between the State and the grantees or, failing agreement, as is determined by the Land Court.
(4) Despite subsection (1), a permit, lease, licence, agreement or contract granted or made under the Forestry Act 1959, before the day on which land became transferred land, in relation to the getting and selling of forest products or quarry material above, on or below the surface of the land, continues in force as if this section had not been enacted.