(1) This section applies in relation to land or seabed that ceases to be included in a Commonwealth reserve because of a Proclamation made under section 350, except a Proclamation that causes the land or seabed:
(a) to cease to be included in one Commonwealth reserve; and
(b) to be included in another Commonwealth reserve.
(2) A usage right relating to the land or seabed that the Director held vests in the Commonwealth, by force of this subsection.
(3) However, if the usage right is a lease of indigenous people's land, the usage right ceases to exist, by force of this subsection.
(4) If the land is in a State or Territory:
(a) the Director may give the officer of the State or Territory responsible for registering land titles a copy of the Proclamation, certified by the Director; and
(b) the officer may make an entry in his or her registers and do
anything else needed to reflect the effect of this section.