Land Act, 1923

Vesting of the lands in the Societies.

55.—(1) After the appointed day, where the Land Commission are satisfied that lands so purchased and vested in the Land Commission have been properly managed, after the methods of good husbandry, and that the Society or body of trustees is properly constituted under the rules governing such Societies, or the Deed of Trust appointing such trustees and approved by the Land Commission, and has conducted its affairs according to such rules or such deed, and has not done or suffered any act, by reason of which the Society is liable to be wound up or dissolved or the body of trustees is liable to be declared bankrupt or insolvent, the lands shall be vested in the Society or body of trustees by means of a vesting order or otherwise.

(2) Where the Land Commission are not satisfied that the foregoing conditions have been fulfilled, and so declare in the prescribed manner, then the interest of the Society or body of trustees in the lands shall absolutely cease and determine, and the lands shall be retained by the Land Commission, as if they had been untenanted lands vested in the Land Commission under the provisions of Part II . of this Act.