Holding of lands pending exercise of power of sale etc.
5 Holding of lands pending exercise of power of sale etc.
S. 5(1) amended by No. 18/1989 s. 13(Sch. 2 item 96(b)) (as amended by No. 48/1991 s. 70(c)(xi)).
Pending the exercise of any of the powers conferred by the last preceding section and without limiting those powers in any way, the land comprised in each such folio of the Register shall be held by the registered proprietors and used for the purposes and be subject to the trusts specified in any relevant Act or enactment or deed of trust relating to that land.
Any moneys arising from the exercise by the registered proprietors of any of the powers conferred by the last preceding section shall, subject to and in accordance with the provisions specified in that behalf in any relevant Act or enactment or deed of trust relating to the land, be applied for the purposes of a college affiliated to the University of Melbourne or some other educational purposes of a kindred nature.
s. 5
This Act’s bill:Second reading speech
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