Victorian Numbered Acts Victorian Numbered ActsSubject to this Part, on the revocation of the Crown grant by section 45—
(a) the Caulfield Racecourse Reserve Trust is dissolved and the persons appointed or holding office as trustees go out of office; and
(b) the land to which the Crown grant applied, is divested from the dissolved Trust and is vested in the Minister administering the Crown Land (Reserves) Act 1978 to be managed under that Act until Part 2 of this Act commences; and
(c) all rights, property and assets that, immediately before that revocation, were vested in the dissolved Trust are vested, by virtue of this section, in the Minister referred to in paragraph (b); and
(d) all debts, liabilities and obligations of the dissolved Trust existing immediately before that revocation become debts, liabilities and obligations of the Minister referred to in paragraph (b); and
(e) the Minister referred to in paragraph (b) is substituted as a party to any proceeding pending in any court or tribunal to which the dissolved Trust was a party immediately before that revocation; and
(f) the Minister referred to in paragraph (b) is to hold any funds of the dissolved Trust during the period of management pending the commencement of Part 2.