Foreign Acquisitions and Takeovers Act 1975

PART 6A - VACANCY FEES FOR FOREIGN ACQUISITIONS OF RESIDENTIAL LAND  

Division 3 - Vacancy fees: recovery of unpaid fees  

SECTION 115P   VACANCY FEE RECOVERY - VESTING OF INTEREST IN LAND  

115P(1)    
This section applies in relation to a person ' s interest in Australian land if:

(a) a court makes an order under section 115N authorising the vesting of an interest in Australian land under this section; and

(b) the interest is an estate in fee simple in the land or an interest in a long term lease; and

(c) the person holds the interest alone.

115P(2)    
When the order is made, or at a later time provided by the order:

(a) the interest in the land vests in equity in the Commonwealth but does not vest in the Commonwealth at law until the applicable registration requirements have been complied with; and

(b) the Treasurer has power, on behalf of the Commonwealth, to do anything necessary or convenient to give notice of, or otherwise protect, the Commonwealth ' s equitable interest in the land; and

(c) the Commonwealth is entitled to be registered on a land register as the owner of that property; and

(d) the Treasurer has power, on behalf of the Commonwealth, to do, or authorise the doing of, anything necessary or convenient to obtain the registration of the Commonwealth as the owner.

115P(3)    
The Treasurer ' s powers under paragraph (2)(d) include:

(a) executing any instrument required to be executed; and

(b) signing any certificate that:

(i) states that land has vested in the Commonwealth under this section; and

(ii) specifies the land that has so vested.