40Grant of land to Development Victoria

40 Grant of land to Development Victoria

S. 40(1) amended by No. 10/2017 s. 24(4).

(1) The Governor in Council, on behalf of the Crown, may grant to Development Victoria for an estate in fee simple—

(a) land divested or surrendered under this Part; or

(b) any other land in the project area that is or is deemed to be unalienated land of the Crown and is not reserved under the Crown Land (Reserves) Act 1978.

S. 40(2) amended by No. 10/2017 s. 24(4).

(2) As a condition of granting land to Development Victoria, the Minister may require it to agree to pay into the Consolidated Fund or, if the land was surrendered by or divested from a public statutory body, to that body, the net proceeds of any sale of that land by Development Victoria, less any holding and selling costs.

(3) The payment referred to in subsection (2) must be made at the times or over the period determined by the Minister.

(4) The grant—

(a) if it is of land covered with waters of the sea, must be limited to a depth of 60 metres below high water mark; and

(b) if it is for other land, must be limited to a depth of 60 metres below the surface of the land; and

(c) may contain any other terms, covenants, conditions or limitations that the Governor in Council determines.

S. 40(5) amended by No. 10/2017 s. 24(4).

(5) Land may be granted to Development Victoria with or without consideration being given by Development Victoria.

(6) Sections 339A and 339B of the Land Act 1958 apply to a grant of land under this section as if it were a grant of land in fee simple under that Act.

S. 40A inserted by No. 10/2017 s. 17.