New South Wales Consolidated Acts

CROWN LANDS ACT 1989 - SECT 106

106 Proceeds etc

(1) Compensation for the compulsory acquisition under any other Act of a reserve (or part of a reserve) or the net amount received as the proceeds:

(a) from a sale, lease, easement or licence (including a temporary licence) made or granted under this Division by a reserve trust, or

(b) from a mortgagee making a secured loan to a reserve trust,

shall be applied in accordance with the directions (if any) given by the Minister.

(2) The directions which the Minister may give include the following:

(a) a direction that the compensation or the proceeds be applied by the reserve trust for the purchase of other land,

(b) a direction that the compensation or the proceeds be paid to another reserve trust to be applied towards the care, control and management of the other trust’s reserve,

(c) a direction that the compensation or the proceeds be paid to the Consolidated Fund or to the Public Reserves Management Fund constituted under the Public Reserves Management Fund Act 1987 .

(3) In the absence of a direction, the compensation or the proceeds shall be applied for the general purposes of the reserve trust and may be invested or applied by the trust accordingly.