Transfer of FAC land to the Commonwealth
11 Transfer of FAC land to the Commonwealth
This section applies to land in which the FAC has any right, title or interest.
The Finance Minister may, by written instrument, make any or all of the following declarations:
a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;
a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;
a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.
Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.
A declaration has effect accordingly.
If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:
pass to the Commonwealth; and
cease to be enforceable by or against the FAC;
whether or not the obligations or benefits touch and concern the land.
This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.
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