Foreign Acquisitions and Takeovers Act 1975

The Treasurer must, on behalf of the Commonwealth, dispose of an interest in a person’s (the owner’s) land that vests in the Commonwealth under section 115P as soon as practicable after the time to which section 115Q applies.

The Treasurer may give full and effective title to the land free of all other interests, which are extinguished at the time title is given.

The Treasurer must apply the proceeds of the disposal of the interest in the land against:

any unpaid vacancy fees the person remains liable to pay;

any unpaid vacancy penalties the person remains liable to pay;

any costs incurred by the Commonwealth in relation to recovering the unpaid vacancy fees and any unpaid vacancy penalties; and

any costs incurred by the Commonwealth in relation to the disposal.

The Treasurer must pay the remainder of the proceeds, if any, to the persons mentioned in subsection (6) in the order in which they appear in that subsection.

Not all of the persons mentioned in subsection (6) may be paid if the proceeds are insufficient.

If the remainder of the proceeds is insufficient to pay all of the persons mentioned in paragraph (6)(a), the Treasurer must pay each person mentioned in that paragraph proportionately.

The persons are as follows:

a person holding a mortgage, charge or other interest over the land if the mortgage, charge or interest:

relates to a debt due by the owner; and

has been registered on a land register;

the Commonwealth in relation to any other penalty or debt that is due and payable to the Commonwealth by the owner;

the owner.

Nothing in this section affects the right of the Commonwealth to recover debts or penalties by other means.