Foreign Acquisitions and Takeovers Act 1975

PART 5 - OFFENCES AND CIVIL PENALTIES  

Division 4 - Miscellaneous  

Subdivision C - Recovering unpaid penalties  

SECTION 107   VESTING OF INTEREST IN LAND  

107(1)    
This section applies in relation to a person ' s interest in Australian land if:

(a) a charge is created on the land under section 104 ; and

(b) the following period ends:

(i) 3 months since the finding mentioned in subsection 104(1) was made by the court;

(ii) any longer period determined in writing by the Treasurer or by the court; and

(c) if subparagraph 104(1)(d)(ii) (charge imposed after Treasurer ' s declaration) applies in relation to the charge:

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

(ii) the person holds the interest alone.

Note: Subsection (4) contains an exception to this section (proceeds of crime orders).

107(2)    
At the end of the period mentioned in paragraph (1)(b):

(a) the interest in the Australian 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 Australian 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.

107(3)    
The Treasurer ' s powers under paragraph (2)(d) include:

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

(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.

Exception in relation to proceeds of crime orders

107(4)    
This section does not apply if at the end of the period mentioned in paragraph (1)(b):

(a) a restraining order is in force in relation to the land under Part 2-1 of the Proceeds of Crime Act 2002 ; or

(b) a forfeiture order is in force in relation to the land under Part 2-2 of that Act; or

(c) an order (however described) of a kind prescribed by the regulations is in force in relation to the land under a law of the Commonwealth, a State or a Territory.