Vesting of land in Victoria by statute law
7A Vesting of land in Victoria by statute law
Without limiting section 7(1)(b)(iib), land in Victoria is vested under statute law if the law vests the land in an entity that the law states is the successor in law of, continuation of or same entity as, the entity in which the land was previously vested.
Despite subsection (1), land in Victoria is not vested under statute law on the registration of a company under Part 5B.1 of Chapter 5B of the Corporations Act.
The merger of a corporation (company A) with and into another corporation (company B) in circumstances where neither subsection (4) nor subsection (5) applies is taken to be a vesting of the land in Victoria of company A in company B by statute law.
A merger of corporations (the merging corporations) in circumstances where another corporation (company C) results as a consequence of the merger is taken to be a vesting of the land in Victoria of the merging corporations in company C by statute law.
A merger of corporations (the merging corporations) with and into each other in circumstances where each of the merging corporations continues in existence is taken to be a vesting in the merging corporations, jointly, of 50% (in value) of the land in Victoria of the merging corporations by statute law.
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