NATIVE TITLE (PRESCRIBED BODIES CORPORATE) REGULATIONS 1999 - REG 15 Replacement of agent prescribed body corporate by trustee prescribed body corporate

NATIVE TITLE (PRESCRIBED BODIES CORPORATE) REGULATIONS 1999 - REG 15

  (1)   For paragraph   5 6(7)(a) of the Act, the common law holders:

  (a)   may apply to the Federal Court for a determination that a prescribed body corporate hold the rights and interests from time to time comprising the native title in trust for the common law holders if:

  (i)   there is an agent prescribed body corporate; and

  (ii)   the common law holders decide that they want the rights and interests held in trust; and

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

  (2)   The Federal Court may:

  (a)   determine that a prescribed body corporate, whether or not it is the agent body corporate, is to hold the rights and interests in trust for the common law holders; and

  (b)   make orders about any matter relating to the termination of the trust, the performance of those functions and the transition to the replacement prescribed body corporate.