Victorian Current Acts Victorian Current Acts(1) The owner of any land to which this Act applies may at any time within two years of the commencement of this Act elect in writing to surrender such land to the Crown.
(2) An owner who elects to surrender any such land to the Crown pursuant to the provisions of this Act shall be entitled to be paid compensation in accordance with the provisions of this Act on the delivery of a proper instrument of surrender.
(3) This Act applies to any land—
(a) which is adjacent to or inundated by Lake Corangamite and is at or below the reduced level of three hundred and eighty-eight feet;
(b) which is adjacent to or inundated by Lake Gnarpurt and is at or below the reduced level of three hundred and eighty-nine feet;
(c) which is adjacent to or inundated by Lake Murdeduke and is at or below the reduced level of two hundred and eighty-three feet; and
(d) which is adjacent to any land referred to in paragraphs (a) (b) or (c) and which has been eroded by wave action—
but does not include any such land which has been acquired by the owner for a full consideration in money or money's worth since the 1st day of January, 1954.
(4) Where an owner elects to surrender any land to which this Act applies and the owner owns other land from which he will by that surrender lose all right of access by land he may elect to surrender that other land and thereupon the land so elected to be surrendered shall for all purposes be deemed to be land to which this Act applies.
(5) Where an owner elects to surrender any land to which this Act applies the Crown may require the owner to surrender any land within one chain from the boundary of any of the land which he has elected to surrender which is required to enable convenient boundaries to be established between the land retained by the owner and the land surrendered to the Crown and thereupon any land so required to be surrendered shall for all purposes be deemed to be land to which this Act applies.