Victorian Consolidated Legislation

Rural Finance Act 1988 - SECT 47

Vesting of land in the Corporation on forfeiture etc.

47. Vesting of land in the Corporation on forfeiture etc.



(1) On-

   (a)  forfeiture of a purchase lease; or

   (b)  surrender of a purchase lease without issue of a new lease; or

   (c)  the exercise of a right of rescission of a contract of sale under
        section 5A of the Land Settlement Act 1959-

the land comprised in or subject to the purchase lease or contract vests in
the Corporation in fee simple.

(2) The Corporation must publish in the Government Gazette notice of the
vesting of land in it under this section.