NATIVE TITLE (PRESCRIBED BODIES CORPORATE) REGULATIONS 1999 - REG 13 Replacement of trustee prescribed body corporate by agent prescribed body corporate

NATIVE TITLE (PRESCRIBED BODIES CORPORATE) REGULATIONS 1999 - REG 13

  (1)   For subparagraph   5 6(4)(d)(i) and paragraphs 56(4)(e) and (f) of the Act, the common law holders:

  (a)   may apply to the Federal Court for a determination to terminate a trust, if native title rights and interests are held by a prescribed body corporate in trust; and

  (b)   if they do -- must comply with the notification requirements mentioned in regulation   1 8; and

  (c)   may nominate an agent prescribed body corporate to replace the prescribed body corporate.

  (2)   The Federal Court may:

  (a)   determine that:

  (i)   the trust is terminated; and

  (ii)   a prescribed body corporate, whether or not it is the prescribed body corporate that held the rights and interests in trust, is to be the agent prescribed body corporate; and

  (b)   make orders about any matter relating to the termination of the trust, the performance of those functions and the transition from the trust arrangement to the new arrangement.

Note:   An agent prescribed body corporate that becomes a registered native title body corporate has the functions listed in subregulation   7(1) .

  (3)   When the trust is terminated, the native title rights and interests are held by the common law holders.