Development Victoria Act 2003
41Acquisition by agreement
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41 Acquisition by agreement
S. 41(1) amended by No. 10/2017 s. 24(4).
(1) For the purposes of a declared project, Development Victoria may acquire by agreement an interest in land on any terms (including consideration) that Development Victoria considers appropriate.
S. 41(2) amended by No. 10/2017 s. 24(4).
(2) Any interest in land acquired by Development Victoria under this section vests in the Crown and is deemed to be unalienated land of the Crown.
S. 41(3) amended by No. 10/2017 s. 23(1).
(3) Development Victoria must obtain the approval of the Minister and the Treasurer to an acquisition under this section if the value of the interest to be acquired exceeds $5 000 000.