Assets transferred by private law contract do not 'vest by or under' a statute merely because the power to enter the contract derives from that statute; statutory vesting requires the statute itself to effect the transfer. The truncation of a railway line by a small number of stations within the same metropolitan area does not constitute 'closure of a railway line' under s 99A of the Transport Administration Act 1988 (NSW); whether a truncation amounts to closure is a question of degree. The phrase 'otherwise disposed of' in s 99A likely extends to compulsory acquisition, though this was not finally decided.
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