The Northcote Trust Fund Act, No. 8678, was passed in 1975 to pass control of the Northcote Farm School to the Victorian Government, and to sell the land on which the Northcote Farm School and transfer ownership to the Victorian Government. According to the preamble of the Act:
As a result of this Act, the land where the Northcote Farm School sat was sold and the proceeds were used to set up a fund to “assist young people to further their education whether within or outside Australia” (s4(2)).