When land is sold under certain sections of the law, the money from the sale needs to be handled in a specific way. If you’re selling land that was used for public works, here’s what happens to the money:
The money from the sale, whether it’s paid all at once or in instalments, will go to one of two places. If the government sold the land, the money will be put into a special bank account for the government. This account is called either a Crown Bank Account or a Departmental Bank Account. The government has rules about which account to use.
If a local council sold the land, the money will go into the council’s general fund. This means the council can use the money for various purposes to help the community.
This rule makes sure that the money from selling public land is properly accounted for and used for public benefit.
