Victorian Numbered Acts Victorian Numbered Acts(1) On and from the commencement of Part 2, any lease referred to in section 47(1) or entered into under section 48 has effect—
(a) as a lease between the Trust established under section 5 as lessor and the lessee for the time being under the lease, as if it had been assigned to the Trust; and
(b) as if the lease referred to the Trust instead of the Minister administering the Crown Land (Reserves) Act 1978 .
(2) Nothing done by virtue of this section—
(a) is to be regarded as placing any person in breach of, or as constituting a default under, any provision of a lease referred to in subsection (1) including any provision prohibiting, restricting or regulating the assignment of the lease; or
(b) is to be regarded as fulfilling any condition which allows a person to exercise a right or remedy in respect of, or to terminate, any agreement or obligation; or
(c) releases any surety or other obligor wholly or in part from any obligation.