71
In forceEffect of sale
Chapter 3Reserves, deeds of grant in trust and roads
Part 1Reserves and deeds of grant in trust
Division 8Mortgaging trust land
71 Effect of sale
When the land is sold—
(a)
the trust is at an end; and
(b)
all appointments of trustees are cancelled from the day the land is sold; and
(c)
the buyer is entitled to have a new deed of grant issued in the buyer’s name and released from the trust but subject to other registered encumbrances that have not been released; and
(d)
the Minister may appoint a person under section 74 to sell other property or assets of the trust.
Note—Section 74 is about how the Minister appoints a liquidator to wind up the affairs of a trust.
This Act’s bill:Explanatory memorandum
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