Victorian Consolidated Legislation

Mildura College Lands Act 1916 - SECT 3

Land held on trust for sale

3. Land held on trust for sale



(1) Any land vested in the Minister by virtue of this Act is held by the
Minister on trust for sale with power to postpone the sale for an indefinite
period.

(2) The proceeds arising from any sale of land under this Act must be paid
into a special fund to be established for this purpose.

(3) The proceeds referred to in sub-section (2) held in the special fund must
be invested in the purchase of land in fee simple at a time to be determined
by the Minister and, until so invested, must continue to be held in the
special fund.

(4) If land in fee simple is purchased out of money standing to the credit of
the special fund referred to in sub-section (2), this Act (except section
2(a)) has effect (with any necessary modifications) in relation to the land so
purchased as if it were included in the lands described or referred to in
Schedule 1 and were land vested in the Minister by virtue of this Act.



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(6) All income derived from money standing to the credit of the special fund
referred to in sub-section (2) must be applied in the same manner as would be
applicable in accordance with this Act if it were rents and profits arising
from any demise under section 2(e) and this Act has effect in relation to it
accordingly.

(7) This section has effect despite any rule of law to the contrary or any
provision to the contrary made by or under any Act or by any instrument.