The Victorian Plantations Corporation was established under the State Owned Enterprises Act 1992 in May 1993, and in June 1993 was declared a State Business Corporation. In addition to this Act, the Corporation's functions and powers for the management of softwood and commercial hardwood plantations previously owned by the Victorian Government, were identified in the Victorian Plantations Corporation Act No 61/1993.
The particular purpose of establishing the Corporation was to create a statutory body to manage certain timber plantations on a commercial basis.
The functions of the Corporation were:
- to establish, maintain and manage timber plantations on land vested in or managed by the Corporation,
- to enter into, administer or manage agreements or licences relating to forest produce on land vested in or managed by the Corporation.
For the purpose of performing its function, the Corporation acquired or disposed of real or personal property and took or converted forest produce.