14Grant of land to Development Victoria

14 Grant of land to Development Victoria

S. 14(1) amended by No. 10/2017 s. 24(1).

(1) The Governor in Council, on the recommendation of the Minister, the Treasurer and the Minister for the time being administering section 12 of the Land Act 1958, may grant any unalienated land of the Crown to Development Victoria subject to any conditions, reservations and exceptions that the Governor in Council thinks fit.

S. 14(2) amended by No. 10/2017 ss 13(1), 24(1).

(2) If Development Victoria sells any land granted to it under subsection (1), the net proceeds of the sale of the land less any administrative costs, interest and other amounts expended by Development Victoria for or in relation to the development and sale of the land must be paid to the Consolidated Fund.

S. 14(3) inserted by No. 10/2017 s. 13(2).

(3) Despite subsection (2), the Governor in Council, on the recommendation of the Minister and the Treasurer, may authorise Development Victoria to pay into the General Fund an amount determined by the Governor in Council, being a portion of the net proceeds of the sale of any land granted to Development Victoria under subsection (1).