ABORIGINAL AND TORRES STRAIT ISLANDER ACT 2005 - SECT 191S Restrictions on disposals and charges

ABORIGINAL AND TORRES STRAIT ISLANDER ACT 2005 - SECT 191S

When section applies

  (1)   This section applies if a body corporate has acquired an interest in land or a water - related right and:

  (a)   the interest or right was acquired from the Indigenous Land and Sea Corporation under paragraph   191D(1)(a); or

  (b)   the interest or right was acquired using money granted to the body corporate by the Indigenous Land and Sea Corporation under paragraph   191D(1)(c); or

  (c)   the interest or right was acquired from a subsidiary of the Indigenous Land and Sea Corporation as a result of the performance by the subsidiary of the function corresponding to the function of the Indigenous Land and Sea Corporation referred to in paragraph   191D(1)(a); or

  (d)   the interest or right was acquired using money granted to the body corporate by a subsidiary of the Indigenous Land and Sea Corporation as a result of the performance by the subsidiary of the function corresponding to the function of the Indigenous Land and Sea Corporation referred to in paragraph   191D(1)(c).

Disposals and charges prohibited

  (2)   The body corporate must not, without the consent of the Indigenous Land and Sea Corporation:

  (a)   dispose of the interest or right ; or

  (b)   give a charge with respect to an asset of the body corporate that consists of, or includes, the interest or right .

Purported disposals to be of no effect

  (3)   If the body corporate purports to dispose of the interest or right without the consent of the Indigenous Land and Sea Corporation, the purported disposition is of no effect.

Purported charges to be of no effect

  (4)   If:

  (a)   the body corporate purports to give a charge with respect to an asset of the body corporate that consists of, or includes, the interest or right ; and

  (b)   the purported charge is given without the consent of the Indigenous Land and Sea Corporation;

the purported charge is of no effect.

Definition

  (5)   In this section:

"charge" means a charge created in any way and includes a mortgage and an agreement to give or execute a charge or mortgage, whether upon demand or otherwise.