This Act, consisting of 18 sections divided into three Parts, establishes the functions of the Corporation as follows: to acquire, by agreement or otherwise, to hold and to dispose of real property, including an estate or interest in real property, in accordance with this Act and it may acquire and hold such property notwithstanding any other law in force in the Territory which would restrict or otherwise limit the capacity of the Corporation to acquire and hold it. The Corporation may enter into such arrangements as it thinks fit with the Territory or any other person in relation to the care, control and management of land or an interest in land held by the Corporation. The Administrator may, by notice in the Gazette, declare any land in respect of which: (a) all the right, title and interest is vested in the Territory; or (b) no person, other than the Territory or the Corporation, holds a right, title or interest, to be vested in the Corporation.
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