Victorian Current Acts Victorian Current Acts(1) Where any property (other than property acquired on or after the 22nd day of June, 1977) was immediately before the day on which this Act receives the Royal Assent vested in a person subject to the Principal Act or otherwise in trust for the Presbyterian Church or any congregation, board or committee of management, session, presbytery, committee, council, board or other institution, organization or section thereof and the Commission set up in accordance with Part III of the Schedule to the Presbyterian Church of Australia Act 1971 has determined that that property is to be divided between The Uniting Church in Australia Property Trust (Victoria) and the Presbyterian Church of Victoria Trusts Corporation in the proportion of 75 per cent to The Uniting Church in Australia Property Trust (Victoria) and 25 per cent to the Presbyterian Church of Victoria Trusts Corporation that property shall be held—
(a) as to the real property (including chattels real) upon trust to sell the same; and
(b) as to personal property upon trust to call in, sell and convert into money the whole or such part thereof as may not consist of money—
and 75 per cent of the net proceeds to arise from the sale, conversion and calling in of such real and personal property (after payment of costs) shall be paid to The Uniting Church in Australia Property Trust (Victoria) to be held in accordance with the provisions of The Uniting Church in Australia Act 1977 and 25 per cent of such net proceeds shall be paid to the Presbyterian Church of Victoria Trusts Corporation to be held subject to the provisions and trusts of the Principal Act as amended by this Act.
(2) The Presbyterian Church of Victoria Trusts Corporation and The Uniting Church in Australia Property Trust (Victoria) are hereby authorized and required to do everything necessary to give effect to any determination referred to in sub-section (1).