The Minister may, by Order, direct that the provisions of this Act shall apply to an agreement of purchase of property by the Government ("vesting order") (sect. 3). All assets and liabilities of the vendor acquired by the State under the purchase agreement shall, without further assurance, be transferred and vested in the State on the coming into operation of the vesting order (subsect. 4.1).

This Law, divided into 5 Chapters, provides for the privatization of rural lands in Lithuania and aims at regulating landownership relations and land reform procedure. Chapter 1 contains general provisions. Chapter 2 ("Acquisition of land as private property) reaffirms the right to private landownership and determines the conditions of sale, size ceilings, priority categories of buyers as well as the restrictions on the resale of private agricultural and forest lands.

This Law regulates the privatization of agricultural cooperatives and collective farms.