On the publication in the Gazette of a notice under section 26F or section 26G, in relation to the town lands described in that notice:
(a) any estate or interest therein which, immediately before the date of publication of the notice, was vested in or held by any person or body of persons shall be divested,
(b) any person or body referred to in paragraph (a) shall be discharged from any duties, liabilities or obligations existing immediately before the date of publication of the notice in respect thereof,
(c) any trusts, conditions, encumbrances, dedications or reservations affecting the town lands immediately before the date of publication of the notice shall be revoked and annulled, and
(d) notwithstanding the provisions of the Local Government Act, the Blaxland Shire Council shall write off all rates and charges due to it in respect thereof.