Victorian Consolidated Legislation

Forestry Pulp and Paper Company's Afforestation Contracts Act 1949 - SECT 4

Vesting of real and personal property in the company

4. Vesting of real and personal property in the company

Immediately upon the commencement of this Act and notwithstanding any
provision in any afforestation contract or in the memorandum or articles of
association of the Company to the contrary the following real and personal
property shall be held by the Company in trust for all purchasers in manner
hereinafter provided-

   (a)  all land at any time prior to the commencement of this Act acquired by
        the Company for afforestation purposes and whether included in any
        afforestation contract or not except-

   (i)  any parcel of land at any time prior to the commencement of this Act
        transferred or conveyed in fee simple by the Company to any purchaser
        or by his direction;

   (ii) any parcel of land not included in any afforestation contract on which
        buildings or mills are now or hereafter erected;

   (b)  all moneys and securities for money held by the Company in trust for
        purchasers at the date of the commencement of this Act; and

   (c)  all trees timber and the produce of the trees and timber grown upon
        any land acquired by the Company for afforestation purposes prior to
        the commencement of this Act.