Victorian Consolidated Legislation

Forestry Pulp and Paper Company's Afforestation Contracts Act 1949 - SECT 25

Conversion by the Company of lands held by stockholders into cash and distribution of proceeds

25. Conversion by the Company of lands held by stockholders into cash and
distribution of proceeds



(1) The Company may from time to time sell and convert into money the lands
held by the Company in trust for stockholders pursuant to this Act and shall
so sell and convert the same when all timber or the produce of timber grown
upon the same shall have been harvested milled and marketed as aforesaid.

(2) The net proceeds of any such land so sold by the Company shall be
divisible from time to time among all the stockholders in proportion to the
amount of stock held by them respectively and the Company shall pay to each
stockholder his due proportion thereof.

(3) When all the property so held by the Company in trust for stockholders has
been realized and converted into money the Company shall make a final
distribution of any money held by it in trust for stockholders among the
stockholders in proportion to the amount of stock held by them respectively.