(1)  On the gazettal of a notice of acquisition, the land –

(a) where the acquiring authority is the Crown, revests in the Crown absolutely, freed and discharged from all estates, statutory reservations and dedications, except those that are specified in, or created by, the notice; or

(b) where the acquiring authority is not the Crown, vests in the authority for the authorized purpose, freed and discharged from all estates, statutory reservations and dedications, except those that are specified in, or created by, the notice or are reserved to, or held by, the Crown –

and the estate of every owner of the land which is not so excepted is converted into a claim for compensation under this Act.

(2)  The acquiring authority is entitled to possession of subject land on the gazettal of a notice of acquisition.

(3)  Subsections (1) (b) and (2) do not apply in relation to an acquiring authority which –

(a) is a promoter; and

(b) has not deposited money with the Treasurer in accordance with section 17 .

(4)  If an acquiring authority which is a promoter causes a notice of acquisition to be published in the Gazette before it has deposited money with the Treasurer under section 17 –

(a) the land specified in the notice vests in the authority for the authorized purposes, freed and discharged from all estates, statutory reservations and dedications, except those that are specified in, or created by, the notice or are reserved to, or held by, the Crown when the money is so deposited; and

(b) the authority is entitled to possession of that land when the money is so deposited.