Geelong Market Site Act 1983

This short Act concentrates on a handful of legal and financial mechanisms that transform ownership constraints, enable redevelopment, and set financial accountability. Key concepts in the statute are:

• Market site: defined as the land shown hatched in the plan in Schedule 1 and, by operation of s 4(2), for all purposes deemed to be the land the subject of the 1855 Crown grant. The Schedule is the statutory identifier of the site (s 3 definition; s 4(2)). The Act repeatedly refers to "the market site" as the asset around which powers and accounts revolve.

• Revocation of Crown-grant restrictions: s 4(1) expressly revokes all Crown‑grant restrictions as to permitted purposes and as to how the market site is held. That converts the land from a restricted-use Crown grant to general-purpose municipal land for the council's redevelopment purposes.

• Extinguishment of easements and rights of way: s 4(4) extinguishes easements, rights of way and public ways over the market site, whether acquired under the Crown grant or otherwise, subject only to leases in force before commencement (s 4(5)). The Act denies entitlement to compensation arising from s 4(4) (s 4(6)). A similar outcome applies if Little Malop Street (specified stretch) is closed: publication of the Governor in Council Order converts the road land to market site and extinguishes public rights (s 5(1)-(2)), again with a denial of compensation (s 5(4)).

• Redevelopment and partnering powers: s 6 authorises the council to enter partnerships, joint ventures or other arrangements with other persons for redevelopment and management of the market site, with the consent of the Treasurer and the Minister for Conservation, Forests and Lands. The Act gives a non‑exhaustive list of actions the council or its partner may undertake (s 6(2)(a)-(d)), including creation of streets, pedestrian malls, demolition and construction and development/management agreements.

• Leasing power and tenure limits: s 7(1) allows leases and licences up to 99 years, subject to exceptions and conditions the council determines. A separate consent is required from the Minister for Conservation, Forests and Lands for leases exceeding 21 years (s 7(2)).

• Borrowing and finance framework: s 8(1) authorises borrowing, obtaining financial accommodation and entering financial arrangements for redevelopment, with consent of the Treasurer and the minister administering the Local Government Act 2020, and subject to Treasurer‑imposed conditions. The Act cross‑references and modifies the operation of the Melbourne and Geelong Debentures and Inscribed Stock Act 1932 for such borrowing, including who must consent, how security is charged and priorities, limitations on raising funds by specified methods, and court receiver powers (s 8(2)(a)-(e)). It deems mortgages under this Act to be mortgages under the 1932 Act (s 8(3)) and treats lenders as mortgagees for section 3B purposes of the 1932 Act (s 8(4)).

• Fiscal obligations and ring-fencing: s 9 requires the council to pay 20 per cent of gross rent from market-site leases or licences to the Consolidated Fund at the end of each municipal financial year, after deducting agent commissions and borrowing servicing costs. s 10 requires a separate Geelong Market Site Account to receive borrowed money and other funds arising under the Act, to pay costs incurred under the Act, to host a reserve fund while borrowings are outstanding, and to be separately audited and reported. The reserve fund has a cushioning rule with a $1,000,000 threshold which, once reached, must be kept at no less than $1,000,000 or not less than anticipated liabilities for the following municipal year relating to borrowings and arrangements under this Act (s 10(3C)). Transfers out of surplus reserve moneys to the town fund require the Minister for Local Government’s consent (s 10(4)).

• Delegation governance: s 11 allows the council to delegate most powers under the Act in accordance with the Local Government Act 2020, with specific prohibitions (cannot delegate the power to delegate, cannot delegate powers that the Local Government Act 2020 forbids delegating, and cannot delegate making applications for ministerial approvals under the Act).

• Interaction with other legislation: the Act does not displace other statutory obligations unless expressly provided; it cross‑references the Borrowing and Investment Powers Act 1987 for defined terms (s 3) and the Local Government Act 2020 for audit and delegation rules (s 10(7), s 11). It also relies on procedures and enforcement mechanisms from the Melbourne and Geelong Debentures and Inscribed Stock Act 1932 for payments and receivership (s 8(2), s 10(5)).

These concepts together create a dedicated legal vehicle enabling the City of Geelong to convert, develop, finance and manage the land formerly subject to Crown-grant restrictions, while imposing account‑keeping, ministerial consent and creditor‑priority structures intended to protect lenders and public finances.

The Act sets out actors who take active roles and identifies groups subject to change by operation of the statute. Principal affected parties are:

• The council (City of Geelong): primary duty-bearer and decision‑maker for redevelopment. The council may redevelop the market site, enter into partnerships or joint ventures (s 6(1)), grant leases and licences up to 99 years (s 7(1)), borrow and enter into financial arrangements with ministerial consents (s 8(1)), establish and operate the Geelong Market Site Account (s 10(1)-(3)), and exercise delegation powers consistent with s 11.

• The Treasurer of Victoria: must consent to council borrowings and financial arrangements under s 8(1), and, per s 6, the council requires the consent of the Treasurer and the Minister for Conservation, Forests and Lands to enter partnerships, joint ventures or other arrangements. The Treasurer also has powers to impose conditions on consent (s 8(1)).

• Minister for Conservation, Forests and Lands: has two formal roles. First, s 6 requires the Minister's consent (with the Treasurer) before the council may enter partnerships, joint ventures or other arrangements concerning redevelopment and management. Second, s 5 ties the Minister into the street-closure process via a recommendation role to the Governor in Council.

• Minister administering the Local Government Act 2020 / Minister for Local Government: the minister administering the Local Government Act 2020 is a required co‑consenter for borrowings in s 8(1). The Minister for Local Government has specific oversight of the Geelong Market Site Account: the council must comply with any requirements the Minister makes as to the form and keeping of the account (s 10(9)), and transfers of excess reserve funds to the town fund require the Minister for Local Government’s consent (s 10(4)).

• The Governor in Council: has power to close the specified part of Little Malop Street on the recommendation of the Minister for Conservation, Forests and Lands and with the council's consent, by Order published in the Government Gazette (s 5(1)).

• Existing lessees: leases of parts of the market site in force immediately before the commencement of the Act are preserved; the Act expressly provides those leases are not terminated and their rights and obligations are unaffected (s 4(5)). Existing tenants therefore retain contractual rights; however, the Act also extinguishes easements and public ways (s 4(4)) subject to that saving.

• Potential lessees and developers, and private investors: new long-term leasehold interests up to 99 years are available under s 7(1). Leases longer than 21 years require the Minister for Conservation, Forests and Lands’ consent (s 7(2)). Private parties who partner with the council under s 6 will participate under the partnership/joint venture/arrangement terms the parties negotiate, but those transactions will be shaped by the account and borrowing rules of s 8 and s 10.

• Lenders, mortgagees and holders of security: providers of finance to the council for redevelopment are directly affected by s 8. The Act deems mortgages granted to secure such borrowing to be mortgages under the Melbourne and Geelong Debentures and Inscribed Stock Act 1932 (s 8(3)), and treats lenders who provide finance as mortgagees for the purposes of s 3B of that Act (s 8(4)). The Act modifies the 1932 Act to set priority (money borrowed charged first on the Geelong Market Site Account and income of the market site and secondly on the town fund and revenues of the City of Geelong) (s 8(2)(b)). Where a mortgagee applies for appointment of a receiver, the court may appoint a receiver with power to collect money from the Geelong Market Site Account and, if insufficient, from the town fund and revenues (s 8(2)(d)). Paragraph (e) clarifies that in those circumstances a receiver may draw on a city account despite s 10(5) (s 8(2)(e)).

• Members of the public and owners of adjoining land: easements, rights of way and public ways over the market site are extinguished by s 4(4). The Act explicitly disclaims entitlement to compensation arising from s 4(4) (s 4(6)). If the Governor in Council closes the named part of Little Malop Street under s 5, public rights in that road cease and the land is absorbed into the market site (s 5(2)), again without any entitlement to compensation (s 5(4)). Those changes affect landowners, road users, and anyone with existing rights of access over the site.

• Auditors and responsible officers within the council: the council must keep the Geelong Market Site Account separately and have it audited at least once each municipal financial year in accordance with the Local Government Act 2020 (s 10(7)). Payments out of the market-site account require a written declaration by a responsible officer of the council that the amount is properly due and payable (s 10(6)).

• The Consolidated Fund and broader government finances: the council is required to pay into the Consolidated Fund 20 per cent of gross rents from market-site leases/licences after specified deductions each municipal year (s 9). This creates a direct fiscal connection between private rental income from the site and the State’s central accounts.

Those groups bear different liabilities and choices under the Act: the council can grant long-term interests and incur borrowing but must ring-fence funds, create a reserve, and pay a prescribed share of rent to the Consolidated Fund; lenders accept security in a two-tier priority and the potential for receivership with access to town fund revenues; members of the public may lose easements or public road rights without compensation where the Act operates.

The Act sets out a compact of duties, rights, procedural requirements and limitations. The principal duties and rights are described below with the controlling sections cited.

Council's powers and duties

• Power to redevelop and to enter commercial partnerships: The council may, with the consent of the Treasurer and the Minister for Conservation, Forests and Lands, enter partnerships, joint ventures or other arrangements for redevelopment and management of the market site (s 6(1)). Those parties may perform redevelopment functions including creating streets, pedestrian malls, demolishing and constructing buildings, and making development and management agreements (s 6(2)).

• Leasing and licensing authority: The council may grant a lease or licence for any part of the market site for terms not exceeding 99 years, subject to exceptions, reservations, covenants and conditions the council determines (s 7(1)). Leases exceeding 21 years require Minister for Conservation, Forests and Lands consent (s 7(2)).

• Borrowing, financial accommodation and arrangements: With the consent of the Treasurer and the minister administering the Local Government Act 2020, the council may borrow, obtain financial accommodation, and enter into financial arrangements for redevelopment and management; it may vary these agreements or borrow to repay earlier borrowing (s 8(1)). The Treasurer may impose conditions on such consent (s 8(1)).

• Financial account obligations: The council must establish and maintain the Geelong Market Site Account (s 10(1)). Into that Account must be paid all moneys borrowed under the Act and other money arising from powers under the Act (s 10(2)). The Account is to be used to pay costs incurred in exercising the council's powers under the Act (s 10(3)).

• Reserve fund duties: The council must establish and maintain a reserve fund within the Geelong Market Site Account while any moneys borrowed under the Act and interest are owing (s 10(3A)). Surplus money at the end of a municipal year is to be paid into the reserve fund (s 10(3B)). If $1,000,000 or more is paid into the reserve fund under s 10(3B), the council must retain at least $1,000,000 or an amount at least equal to the sum of amounts the council is or may become liable to pay the following year in connection with money borrowed or arrangements entered into under the Act, whichever is greater (s 10(3C)). Excess above these thresholds may be paid to the town fund with the consent of the Minister for Local Government (s 10(4)).

• Payments and internal controls: Payments out of the Geelong Market Site Account must follow the mechanism specified by s 13A of the Melbourne and Geelong Debentures and Inscribed Stock Act 1932, as in force immediately before the Local Government (Consequential Provisions) Act 1989 changes (s 10(5)). No amount may be paid under s 10(3) unless a responsible officer of the council has declared in writing that the amount is properly due and payable (s 10(6)). The Account must be kept separately, audited at least annually in accordance with the Local Government Act 2020, and its transactions must be shown separately in the council’s annual statement of accounts (s 10(7)-(8)). The council must comply with any requirements the Minister for Local Government makes as to the form and keeping of the Account (s 10(9)).

• Delegation constraints: The council may delegate powers under this Act in accordance with the Local Government Act 2020, but may not delegate the power of delegation itself, any power the Local Government Act 2020 prohibits from delegating, or an application for the approval or consent of a Minister under this Act (s 11(1)(a)-(c)). Delegations to committees for contracts are constrained by monetary and estimate limits (s 11(2)).

Rights and obligations affecting others

• Existing leases preserved: Any lease of the market site in force immediately before commencement is not terminated and the parties' rights and obligations under those leases remain unaffected (s 4(5)). That is an express protection for pre‑existing leasehold interests.

• Extinguishment of easements and public ways: All easements, rights of way or public ways over, through or under the market site are extinguished (s 4(4)), and s 4(6) provides that no person or body is entitled to receive compensation from the Crown or the City of Geelong due to this operation. A comparable result follows on street closure under s 5 (s 5(2), (4)).

• Payment to Consolidated Fund: The council has the duty to pay 20 per cent of gross rent received from any lease or licence of the market site to the Consolidated Fund as soon as practicable after each municipal year, after deducting agent commissions for rent collection and the cost of servicing loans (including interest) in respect of money borrowed under the Act (s 9).

• Security and protection for lenders: Money borrowed and financial arrangements entered into under the Act are to be charged and secured primarily on the Geelong Market Site Account and income from the market site and secondarily on the town fund and revenues of the City of Geelong (s 8(2)(b)). Mortgages for such borrowing are deemed mortgages under the Melbourne and Geelong Debentures and Inscribed Stock Act 1932 (s 8(3)), and lenders are treated as mortgagees for certain statutory purposes (s 8(4)). If a mortgagee applies for a receiver under the 1932 Act, the court may appoint a receiver to collect money from the Geelong Market Site Account and from the town fund and revenues if market-site revenues are insufficient (s 8(2)(d)). The Act modifies some provisions of the 1932 Act to suit this borrowing scheme (s 8(2)(a)-(e)).

• Registrar-General duties: The Registrar-General is authorised and directed to make all necessary entries on the Crown grant as a result of revocations or street closures under s 4(3) and s 5(3).

Statutory constraints and interaction rights

• Ministerial consents: Several activities require ministerial consent: entering partnerships/joint ventures (Treasurer and Minister for Conservation, Forests and Lands: s 6(1)), borrowing/financial arrangements (Treasurer and minister administering Local Government Act 2020: s 8(1)), leases exceeding 21 years (Minister for Conservation, Forests and Lands: s 7(2)), and transfers of excess reserve funds to the town fund (Minister for Local Government: s 10(4)). These consents create administrative checks and rights to influence outcomes.

• Compliance with other laws: s 12 expressly preserves other statutory obligations: except where this Act expressly provides otherwise, nothing in it exempts the council or any other person from complying with requirements or obligations imposed by other Acts or regulations.

Together, these provisions set internal controls on council spending, protect public fiscal interests via the Consolidated Fund payment obligation, provide security mechanisms attractive to lenders, and define the scope of rights conferred on lessees and partners. The Act relies on ministerial consent, audit and account segregation to manage fiscal risk and public accountability.

The Act contains no general criminal penalties or administrative fines within its text. Enforcement and remedial mechanisms are primarily contractual, fiscal and creditor-oriented. The principal enforcement or remedy mechanisms expressly provided are:

• Creditor remedies under modified 1932 Act provisions: The Act modifies the Melbourne and Geelong Debentures and Inscribed Stock Act 1932 for borrowings under s 8. It provides that mortgages securing borrowings under this Act are deemed mortgages under that 1932 Act (s 8(3)). Crucially, if a mortgagee applies for appointment of a receiver under s 12 of the 1932 Act, the court may appoint a receiver to collect and receive moneys in the Geelong Market Site Account and the income and revenue of the market site, and, if insufficient, the income and revenue of a competent part of the town fund and revenue of the City of Geelong until the principal and interest and costs are paid (s 8(2)(d)). Paragraph (e) in s 8(2) modifies the interplay with s 10(5) by excluding the operation of s 13A of the 1932 Act in the receiver-drawing scenario, thereby allowing the receiver to draw from a city account even though s 10(5) normally applies.

• Account controls and audit: The council must keep a separate Geelong Market Site Account, which is to be audited at least once each municipal financial year in accordance with the Local Government Act 2020 (s 10(7)). The requirement that payments out of the Account follow the procedure in s 13A of the 1932 Act (s 10(5)) imposes a statutory procedural guard on withdrawals. The council must also have a responsible officer declare in writing that amounts paid from the Account are properly due and payable (s 10(6)). Failure to comply with these internal control provisions could attract consequences under the Local Government Act 2020 or other applicable law, but the Geelong Market Site Act itself does not specify civil penalties.

• Ministerial consent and oversight: Several activities cannot proceed without ministerial consent (s 6(1), s 7(2), s 8(1), s 10(4)). Ministers have discretionary oversight, and a refusal or conditional consent will block or condition activity. Although the Act does not itself prescribe enforcement steps for ministerial non‑compliance, the practical effect is administrative gatekeeping,developers and financiers must secure consent to proceed.

• Registrar-General obligations: The Registrar‑General is authorized to make entries on the Crown grant to reflect revocation of restrictions and street closures (s 4(3), s 5(3)). The Registrar‑General’s compliance enforces the registered title state of the land.

• Payment obligations to the Consolidated Fund: The council is obliged to pay 20 per cent of gross rents from market-site leases/licences to the Consolidated Fund after permitted deductions (s 9). That is an express statutory obligation. The Act does not specify enforcement mechanisms for delinquent payments; however, the Consolidated Fund is a public fiscal entity and non‑payment would likely raise administrative and legal follow-up under general public finance and local government law.

• Preservation of contractual leases: The Act preserves existing leases (s 4(5)). Where disputes arise about lease rights post‑redevelopment, these remain contractual remedies enforceable under existing lease terms and general law.

Notably absent are express criminal sanctions or penalty schedules specific to breaches of the Act's administrative requirements (for example, late payment to the Consolidated Fund, failure to keep the Account in a specified form, or failure to obtain required consents). Enforcement therefore rests on:

• Statutory creditor remedies where the council borrows (through courts and receivership under the 1932 Act as modified by s 8).
• Auditing, ministerial oversight and administrative controls (s 10, s 11).
• General legal remedies under contract and local government law if the council fails to meet its obligations under other applicable statutes.

For practitioners, this allocation of enforcement means creditors rely on security and court remedies, and the State relies on ministerial and audit controls rather than fines in the Act itself.

The Act explicitly cross‑references, imports definitions from, and modifies the operation of multiple other statutes. The practical implications of these interactions are as important as the Act’s own text.

Statutes expressly referenced and the nature of interaction

• Melbourne and Geelong Debentures and Inscribed Stock Act 1932: The Act makes multiple modifications to the 1932 Act in relation to borrowings under s 8 (s 8(2)). The 1983 Act alters references to approvals under that Act so that the "approval of the Governor in Council" is read as the consent of the Minister for Local Government and the Treasurer (s 8(2)(a)). It specifies priority of security: borrowed money shall be charged first on the Geelong Market Site Account and income from the market site and secondly on the town fund and revenues of the City of Geelong (s 8(2)(b)). It prohibits raising moneys by certain methods otherwise available in the 1932 Act (s 8(2)(c)). It preserves the receiver appointment route and authorises appointment to collect from the Geelong Market Site Account and, if insufficient, from the town fund (s 8(2)(d)). Section 8(2)(e) modifies the operation of a saving in s 10(5) (relating to s 13A of the 1932 Act) so that a receiver appointed can draw from a city account. The Act further deems mortgages granted to secure these borrowings to be mortgages under the 1932 Act (s 8(3)) and deems lenders to be mortgagees for purposes of s 3B of the 1932 Act (s 8(4)). Section 10(5) requires payments out of the Geelong Market Site Account to be made in the manner specified in s 13A of the 1932 Act (as in force immediately before specified amendments). Thus, the 1932 Act supplies procedural mechanisms for payments and remedying defaults, and the Geelong Market Site Act customises those mechanisms to the local borrowing scheme.

• Borrowing and Investment Powers Act 1987: The Act imports definitions for "financial accommodation" and "financial arrangements" from the Borrowing and Investment Powers Act 1987 (s 3 notes). This imports modern definitional clarity on what forms of finance the council may enter into and aligns the Act with contemporary borrowing-regime terminology.

• Local Government Act 2020: The Act ties several procedural and oversight matters to the Local Government Act 2020. The council's delegations under s 11 are to be made subject to and in accordance with the Local Government Act 2020 (s 11(1) and s 11(2)). The audit requirement for the Geelong Market Site Account is to be carried out in accordance with the Local Government Act 2020 (s 10(7)). The minister administering the Local Government Act 2020 is a required co‑consenter for borrowings under s 8(1). The Act thereby imports the Local Government Act 2020’s rules on delegations, audit mechanisms and other local‑government governance apparatus, and places the Geelong Market Site arrangements within the broader municipal governance framework.

• Other Acts and regulations: s 12 states expressly that, except where this Act expressly provides otherwise, nothing exempts or absolves the council or any other person from complying with any requirements or obligations imposed by any other Act or any regulation under any other Act. This clause preserves the applicability of other regulatory regimes , for example, planning, environmental, heritage, occupational health and safety, or other statutory approvals , unless the Geelong Market Site Act expressly overrides them. Consequently, developers and councils must navigate parallel approval streams.

• Registrar/land law processes: s 4(3) and s 5(3) require the Registrar‑General to make entries on the Crown grant to effect the revocations and street-closure changes. Those requirements interact with Land Titles and recordation processes; the Act imposes an express duty on the Registrar to amend recorded title matters.

Operational implications of these interactions

• Borrowing security and priority: By giving primary charge to the Geelong Market Site Account/income and secondary charge to the town fund and revenues (s 8(2)(b)), the Act creates a two‑tier security regime. Because mortgages under the Act are deemed mortgages under the 1932 Act (s 8(3)), typical mortgagee remedies under that older Act apply, but the 1983 Act modifies approval and procedural provisions (s 8(2)(a), (c), (d), (e)). Practically, a lender will evaluate both the market-site income stream and the council’s town fund if seeking security; borrowers face stricter rules about how debt may be raised (s 8(2)(c)).

• Audit and governance coordination: The requirement that the Market Site Account be audited under the Local Government Act 2020 (s 10(7)) brings that account into the modern local‑government audit framework. That integrates the account into existing oversight channels and means auditors will apply Local Government Act 2020 standards and processes.

• Ministerial and executive oversight: Multiple ministerial consents that reference different portfolios (Treasurer, Minister for Conservation, Forests and Lands, minister administering Local Government Act 2020, Minister for Local Government) create overlapping administrative approvals. This can introduce coordination requirements among government departments for redevelopment approvals and financing.

• Preservation of other statutory duties: s 12 preserves the operation of other statutes and regulations. Where planning, environmental, heritage, building or community consultation requirements apply, developers and the council must comply notwithstanding the redevelopment powers in the Act.

• Limits on compensation obligations: By denying entitlement to compensation for the extinguishment of easements or street closures under s 4(6) and s 5(4), the Act overrides typical equitable or legislative compensation expectations that might otherwise apply under other land law or roads legislation. Practitioners should examine whether other statutes (not expressly overridden) impose compensation obligations; s 12 is a reminder that those other statutes still operate unless expressly displaced.

In short, the Act is not self-contained; it customises and relies on existing mortgage, municipal governance and land-recording regimes. Practitioners must read the Geelong Market Site Act in conjunction with the 1932 Act and the Local Government Act 2020, and must check other applicable planning and statutory regimes before acting.

The Act has been amended at least three times according to the consolidated version and endnotes. The text includes parenthetical annotations identifying the source and section numbers where amendments were made. The amendment history relevant to the Act is as follows:

• Statute Law Revision Act 1984 (No. 10087/1984): Assented 22 May 1984. The endnotes list this act among amendments incorporated. The text notes changes effected by that Act are in operation (Endnotes 2). The Statute Law Revision Act routinely makes stylistic or minor editorial changes; the Act’s consolidated copy records that this amendment is in operation.

• Geelong Market Site (Amendment) Act 1987 (No. 96/1987): Assented 1 December 1987, commenced 24 February 1988 (Government Gazette 24.2.88 p. 410). The 1987 Act introduced multiple textual changes noted in annotations:

  • S. 3 definitions: the definitions of "financial accommodation" and "financial arrangements" were inserted by No. 96/1987 s 4 (as explained in s 3 notes).
  • S. 8(1) substitution and s 8(2)(c) substitution: s 8(1) was substituted by No. 96/1987 s 5(a), and s 8(2)(c) was substituted and s 8(2)(d)-(e) inserted by No. 96/1987 s 5(b)-(c). S. 8(3)-(4) were added by No. 96/1987 s 5(c).
  • S. 10(3A)-(3C) and related subsections: s 10(3A), (3B), (3C) and s 10(4) amendments were inserted by No. 96/1987 s 6(a)-(b), creating the reserve fund mechanics and $1,000,000 retention rule (s 10(3C)).

• Local Government (Consequential Provisions) Act 1989 (No. 12/1989): Assent 9 May 1989. Various amendments were made to align the Act with evolving local government provisions; the endnotes disclose staged commencement of items in Schedule 2 (some on 1 November 1989 and some on 1 October 1992). The 1989 Act amended:

  • S. 8(2) modifications were adjusted (s 8(2) amended by No. 12/1989 s 4(1)(Sch. 2 item 51.1)).
  • S. 8(2)(e) and s 10(5) were amended by No. 12/1989 s 4(1)(Sch. 2 item 51.2-51.3).
  • S. 10(7) and s 11(1)/(2) saw amendments linked to the Local Government Act changes (see annotations s 10(7) amended by Nos 12/1989 and s 11(1) and s 11(2) amended by Nos 12/1989).

• Local Government Act 2020 (No. 9/2020): Assented 24 March 2020. The endnotes record commencement of certain Schedule items affecting this Act on 6 April 2020 and 1 May 2020 (s 390(Sch. 1 items 47.1-47.4) with staggered commencement). The Local Government Act 2020 amendments affected:

  • S. 8(1) was amended to require consent of the Minister administering the Local Government Act 2020 in addition to the Treasurer (see annotation to s 8(1)).
  • S. 10(7) references audit "in accordance with the Local Government Act 2020" and the delegation provisions in s 11 were brought into alignment with the Local Government Act 2020 (s 11 annotation references Nos 12/1989 and 9/2020).

Schedule 2 lists the repealed prior Acts: Geelong Market Site Act 1900 (Act No. 1674), Geelong Market Site Act 1910 (Act No. 2263), and Geelong Market Site Act 1955 (Act No. 5926) (s 13 & Schedule 2). These repeals are part of the Act’s stated purpose to supersede older site-specific Acts.

The consolidated text includes editorial notes that explain commencement dates and which amendments are in force (Endnotes 1-3). The Act’s scheme has therefore been modernised incrementally: definitional and borrowing/finance packaging in 1987, alignment with broader local government reforms in 1989, and updates to reference points and administrative processes under the Local Government Act 2020 in 2020.

For practitioners advising on current transactions, it is necessary to consult the consolidated Act and the specific amending Acts cited above to identify the operative wording and any conditions imposed by the Treasurer or ministers as those remain active and enforceable.

The Act as reproduced contains no express references to litigation, judicial decisions, or case law. The instrument’s endnotes and Schedule do not list any reported cases that interpret or apply the Geelong Market Site Act 1983. Therefore, from the source before us, there is no statutory record within the Act of precedent, judicial construction, or judicially declared effects.

Because the Act creates creditor remedies by reference to the Melbourne and Geelong Debentures and Inscribed Stock Act 1932 and contemplates receivership remedies (s 8(2)(d)), any litigation that could arise would likely involve:

• Disputes over the priority or enforceability of mortgages deemed to be under the 1932 Act (s 8(3)), where a lender might seek equitable or statutory relief under the 1932 Act and the court is asked to appoint a receiver to collect funds from the Geelong Market Site Account and, if necessary, the town fund (s 8(2)(d)). Such proceedings would engage the modified relationships in s 8(2).

• Disputes about compliance with prescribed payment procedures for the Geelong Market Site Account, where the Act requires payments to be made in the manner specified in s 13A of the 1932 Act (s 10(5)), and where receivership provisions can be triggered despite that requirement under s 8(2)(e).

• Contractual disputes arising from redevelopment partnerships, leases up to 99 years, or the interaction of preserved pre‑existing leases with the Act’s extinguishment of easements and rights of way (s 4(4)-(5)). A tenant or neighbouring owner might litigate to enforce or interpret lease covenants or to challenge the effects of extinguished rights, but the Act contains a clear saving for existing leases (s 4(5)) and an express denial of compensation for extinguished easements (s 4(6)).

• Challenges to administrative decisions, for example ministerial consents, where an affected party claims procedural unfairness or that the consent power was exercised unlawfully. The Act grants ministers discretion to consent or impose conditions (s 6(1), s 8(1), s 7(2), s 10(4)). Judicial review of ministerial actions under administrative law principles could arise, but the Act does not itself specify review pathways.

Because the Act expressly disclaims compensation for extinguished easements and street closures (s 4(6) and s 5(4)), litigation aimed at securing compensation would need to locate an alternative legislative or common law remedy outside those express clauses. The Act’s s 12 preserves applicability of other statutes, so potential claims could rely on other statutory regimes if they apply.

Practitioners should therefore search external databases for any cases concerning the Geelong Market Site Act 1983 or relevant receivership or mortgagee actions under the 1932 Act. The Act’s text suggests plausible litigation focal points , receivership and mortgage enforcement, ministerial decisions, lease interpretation, and land rights extinguishment , but the Act itself contains no case law references.

The Act contains several provisions that can produce surprising practical consequences if overlooked. These operational pitfalls are concrete and derive from the Act’s specific text.

1. Extinguishment of easements and denial of compensation (s 4(4), (6), s 5(2), (4))

   • Effect: The Act extinguishes easements, rights of way and public ways over the market site and provides that no person or body is entitled to compensation from the Crown or the City of Geelong arising from s 4(4) (s 4(6)). The same approach applies to the specified stretch of Little Malop Street upon a Governor in Council Order, which extinguishes public rights and deems that land part of the market site (s 5(1)-(3), (4)).
   • Practical consequence: Owners or occupiers who previously relied on access rights, service easements or road use may have those rights removed with no compensation under the Act. This may be surprising for adjacent owners who assume compensation follows loss of an easement. Check for other statutes that may reintroduce compensation obligations (s 12 preserves other statutes where applicable).

2. Existing leases are preserved but easements may be lost (s 4(5))

   • Effect: Leases in force immediately before the Act’s commencement are not terminated and remain unaffected (s 4(5)).
   • Practical consequence: A tenant under a pre-existing lease retains lease rights, but the loss of easements or public ways could nonetheless affect the tenant’s practical ability to use the property (for example, through changed access), with no compensation under the Act. Leaseholders should review their leases for express access covenants and remedies.

3. Street closure procedure and decision points (s 5)

   • Effect: The Governor in Council can close the specified part of Little Malop Street but only on the recommendation of the Minister for Conservation, Forests and Lands and with the council’s consent (s 5(1)). On closure, the land ceases to be a public road and is treated as market site and part of the Crown grant (s 5(2)).
   • Practical consequence: Closure is an executive action involving multiple players; opposing parties must engage early with ministerial and council processes. Once closed, the road land is absorbed in the market site and rights are extinguished without compensation under the Act.

4. Long-term leases require ministerial consent for terms exceeding 21 years (s 7(2))

   • Effect: The council may grant leases up to 99 years (s 7(1)) but cannot grant leases exceeding 21 years without the Minister for Conservation, Forests and Lands’ consent (s 7(2)).
   • Practical consequence: Parties seeking long investment horizons (e.g. 50- or 99-year leases) must factor ministerial approval into project timelines and investment risk. Ministerial refusal or restrictive conditions could impair financing or valuation.

5. Borrowing approvals, priority and receiver access to town fund (s 8(1), 8(2)(b), 8(2)(d))

   • Effect: Borrowing requires the consent of the Treasurer and the minister administering the Local Government Act 2020 and is subject to conditions imposed by the Treasurer (s 8(1)). Borrowed money is charged first on the Geelong Market Site Account and market-site income and secondarily on the town fund and revenues (s 8(2)(b)). If collectors are appointed, receivers may collect from the Market Site Account and, if insufficient, the town fund and revenues of the City of Geelong (s 8(2)(d)).
   • Practical consequence: Although borrowing is ring‑fenced to market-site revenues initially, lenders have recourse to broader municipal funds in default. For municipal finance officers this means borrowing for redevelopment can expose the town fund. Lenders should assess town fund strength and certainty of market-site income. Borrowing cannot be raised by certain prohibited methods under the 1932 Act as modified (s 8(2)(c)), limiting fundraising options.

6. Payments out of the Geelong Market Site Account and receiver exception (s 10(5), s 8(2)(e))

   • Effect: Payments out of the Account must be made in the manner of s 13A of the 1932 Act (s 10(5)). However, if a receiver is appointed under s 8(2)(d), s 13A does not apply to permit the receiver to draw money from a city account (s 8(2)(e)).
   • Practical consequence: Normal account payments are regulated, but a receiver can bypass some withdrawal constraints in enforcement scenarios. Account keepers must understand that receivership changes payment dynamics.

7. Reserve fund retention threshold and transfer controls (s 10(3B)-(4), (3C))

   • Effect: Surplus moneys at year‑end must be paid into the reserve fund if borrowings are outstanding (s 10(3B)). If $1,000,000 or more is in the reserve fund as a result, the council must retain either $1,000,000 or the amount the council is or may become liable to pay in the next municipal year as a result of or in connection with borrowings under this Act, whichever is greater (s 10(3C)). Excess above the retention amount may only be transferred to the town fund with the Minister for Local Government’s consent (s 10(4)).
   • Practical consequence: Once the reserve crosses $1,000,000, a portion may be locked in the reserve for fiscal prudence, limiting available funds for other purposes and requiring ministerial sign-off to reallocate surpluses. This affects cash planning and the timing of transfers to the town fund.

8. Delegation limitations (s 11)

   • Effect: The council cannot delegate ministerial-approval applications under the Act (s 11(1)(c)) or powers that the Local Government Act 2020 forbids delegating.
   • Practical consequence: Executive staff and committees cannot substitute for council resolution where ministerial applications are involved, slowing decision-making where council meeting schedules are infrequent.

9. Confusing or missing Schedule plan and reliance on Crown grant identification (s 3 definition; s 4(2); Schedule 1)

   • Effect: The Act defines "market site" by reference to a hatched plan in Schedule 1 and then states the market site shall be deemed for all purposes to be the land the subject of the Crown grant (s 3 defn; s 4(2)). The textual Schedule included in the source refers to a plan but the image is not present in the copy provided.
   • Practical consequence: Title identification should be verified in the authoritative governmental land records and the Crown grant enrolment (s 3 and s 4(2) refer to the Crown grant dated 16 June 1855). Practitioners must ensure the physical description of the site used in transactions matches the registered Crown grant entries and any original plan.

10. No express statutory penalties (general)

    • Effect: The Act does not prescribe fines or criminal offences for breach of its administrative provisions.
    • Practical consequence: Enforcement relies on audits, ministerial oversight, contractual remedies, and creditor processes under the modified 1932 Act. Practitioners advising clients should consider remedies under other statutes or contract law for non‑compliance, and expect administrative responses rather than statutory fines under this Act.

These “gotchas” show the Act reallocates property rights, imposes account and reserve mechanics, conditions long leases and borrowings on ministerial consents, and exposes municipal funds to creditor enforcement in certain circumstances. Each of those features can have unexpected practical effects unless specifically planned for.

This section sets out practical compliance steps and checklists tied directly to the Act’s operative provisions. The council, officers, developers, financiers and third parties should follow the steps below to meet statutory obligations and reduce legal risk.

For the council (City of Geelong)

1. Obtain necessary ministerial consents before acting

   • Partnerships/joint ventures/arrangements: secure the consent of the Treasurer and the Minister for Conservation, Forests and Lands as required by s 6(1) before entering into any partnership or joint venture for redevelopment.
   • Borrowing/financial arrangements: obtain written consents from the Treasurer and the minister administering the Local Government Act 2020 before borrowing or entering financial arrangements under s 8(1). Note the Treasurer may impose conditions on any consent.
   • Long leases: do not grant leases exceeding 21 years without the Minister for Conservation, Forests and Lands’ consent per s 7(2).
   • Reserve fund transfers: obtain the Minister for Local Government’s consent before transferring any reserve excess to the town fund under s 10(4).

2. Establish and manage the Geelong Market Site Account

   • Immediately create the Geelong Market Site Account (s 10(1)) and ensure it receives all monies borrowed under this Act and other monies arising from the exercise of the council’s powers under the Act (s 10(2)).
   • Pay from the Account only costs incurred by the council in the exercise of its powers under the Act (s 10(3)).
   • Implement the reserve fund: if borrowings remain outstanding, set up and maintain the reserve fund in the Account (s 10(3A)).
   • Year‑end surplus rules: follow the rule to pay any surplus standing to the credit of the Account into the reserve fund after required payments have been made (s 10(3B)). If the reserve reaches or exceeds $1,000,000 due to these payments, maintain the requisite retention level under s 10(3C).
   • If the reserve exceeds the retention level, seek Minister for Local Government consent prior to transferring amounts to the town fund (s 10(4)).
   • Ensure payments are made in the manner specified by s 13A of the Melbourne and Geelong Debentures and Inscribed Stock Act 1932 (s 10(5)). Familiarise finance staff with the relevant s 13A procedure (as in force immediately before the specified Local Government changes).

3. Internal controls and audit

   • Require a responsible officer to declare in writing that each amount to be paid from the Geelong Market Site Account is properly due and payable before payment is made (s 10(6)).
   • Keep the Geelong Market Site Account separate from other accounts (s 10(7)) and ensure the Account is audited at least once each municipal financial year in accordance with the Local Government Act 2020 (s 10(7)).
   • Show a statement of transactions of the Account separately in the council’s annual statement of accounts (s 10(8)).
   • Comply with any requirements the Minister for Local Government makes as to the form and keeping of the Account (s 10(9)).

4. Governance and delegation

   • Make delegation resolutions in accordance with s 11 and the Local Government Act 2020, ensuring delegations do not exceed permitted powers and that applications for ministerial consent remain reserved to the council (s 11(1)(c)).
   • Where committees are delegated powers in relation to contracts, ensure the amount does not exceed $20,000 and that expenditure is included in the council’s annual estimates in relation to the market site (s 11(2)).
   • Maintain records of delegation decisions to demonstrate compliance with Local Government Act 2020 delegation constraints.

5. Land title and record updates

   • Coordinate with the Registrar‑General to make all necessary entries on the Crown grant resulting from the revocation of Crown-grant restrictions (s 4(3)) and any Governor in Council street-closure Orders (s 5(3)).
   • Before undertaking redevelopment work, verify the plan in Schedule 1 against the Crown grant and registered title to ensure correct legal description and boundaries (s 3, s 4(2) and Schedule 1).

6. Lease management and rental accounting

   • When granting new leases, ensure appropriate exceptions, reservations, covenants and conditions are included (s 7(1)). For leases over 21 years, prepare and lodge a ministerial consent application and obtain written consent (s 7(2)).
   • Calculate and remit to the Consolidated Fund 20 per cent of gross rent from any lease or licence of the market site at the end of each municipal financial year, after deducting permitted agent commissions for rent collection and the cost of servicing loans (including interest) in respect of money borrowed under the Act (s 9). Ensure documentation verifying permitted deductions is maintained.

7. Planning, approvals and other statutory compliance

   • Do not assume the Act displaces other statutory obligations; comply with planning, building, heritage, environmental and health and safety regulations (s 12). Prepare to obtain any required permits, approvals or environmental clearances before construction begins.

For lenders and financiers

1. Due diligence on account and revenue streams

   • Validate the structure and liquidity of the Geelong Market Site Account and the forecast income streams from market-site leases, since borrowed money is to be secured first on that Account and income and secondarily on the town fund (s 8(2)(b)). Assess the sufficiency of reserve funds and their retention rules (s 10(3A)-(3C)).

2. Mortgage documentation and remedies

   • Remember mortgages under this Act are deemed mortgages for the purposes of the Melbourne and Geelong Debentures and Inscribed Stock Act 1932 (s 8(3)). Consider how the 1932 Act’s remedies operate in practice, including receivership under s 12 of the 1932 Act and the court’s power to make orders to collect from the Geelong Market Site Account and the town fund (s 8(2)(d)).
   • Be aware that in receivership the receiver may draw money from a city account notwithstanding s 10(5) (s 8(2)(e)).

3. Borrowing constraints and approval requirements

   • Confirm that the Treasurer’s consent has been obtained and any conditions are acceptable (s 8(1)). Ensure your transaction documents reflect the modified approval regime (s 8(2)(a)). Check that prohibited fundraising methods in the 1932 Act (as modified) are not contemplated in the financing structure (s 8(2)(c)).

For developers and private partners

1. Ministerial consents and timelines

   • Factor ministerial approvals into project timelines, particularly for partnerships (s 6(1)) and long-term leases exceeding 21 years (s 7(2)). Obtain necessary consents before committing to financing or construction contracts.

2. Understand access and easement risks

   • Assess whether existing easements or public rights over the site are extinguishable and, if so, how that affects logistics, services and access for construction and long-term operation (s 4(4), s 5(2)). Where an existing lease protects tenant rights (s 4(5)), review lease terms carefully.

3. Financial modelling and rent-sharing obligations

   • Model the 20 per cent payment to the Consolidated Fund (s 9) net of permitted deductions. Include servicing costs of any municipal borrowings in financial models since those servicing costs are deductible from the gross rent before the 20 per cent payment is calculated (s 9).

For neighbouring landowners and members of the public

1. Check for extinguishment of rights

   • If you hold access, right of way, or other easements over the market site, note that those may be extinguished by the Act (s 4(4)). If the specified portion of Little Malop Street is proposed for closure, the closure is an executive decision requiring Ministerial recommendation and council consent (s 5(1)), after which rights cease (s 5(2)). Consider early engagement with the council to protect operational access.

2. Seek alternative protections

   • The Act disclaims compensation for extinguished rights (s 4(6), s 5(4)). If you rely on those rights, examine whether other statutes or common-law remedies apply (s 12 preserves other statutory obligations).

Practical checklist summary

• Before development: confirm statutory site boundaries against the Crown grant; secure required ministerial consents (s 6, s 7, s 8); check planning and environmental approvals are in place (s 12).
• Financial setup: create Geelong Market Site Account; implement reserve fund; draft borrowing documents consistent with the 1932 Act and s 8 modifications; ensure mortgages use the form required to be treated under the 1932 Act (s 8(3)); verify priority and town fund exposure (s 8(2)(b), (d)).
• Ongoing compliance: maintain separate Account and produce annual audited statements in compliance with Local Government Act 2020 (s 10(7)-(8)); obtain responsible officer declarations for payments (s 10(6)); make annual payment of 20 per cent of gross rent to the Consolidated Fund after permitted deductions (s 9).

Advisers should prepare template ministerial‑consent applications, legal opinions confirming the status of existing easements and leases, and draft mortgage/security documentation aligned with the 1932 Act modifications. Document retention for rent calculations and loan servicing costs is critical because s 9 permits deductions for agent commissions and loan servicing costs; accurate records will be necessary to justify the net amount remitted to the Consolidated Fund.