NATIVE TITLE (PRESCRIBED BODIES CORPORATE) REGULATIONS 1999 - REG 17 Replacement of agent prescribed body corporate in liquidation

NATIVE TITLE (PRESCRIBED BODIES CORPORATE) REGULATIONS 1999 - REG 17

  (1)   For subparagraph   6 0(a)(ii) of the Act, a liquidator who has been appointed for an agent prescribed body corporate must, within 14 days after being appointed:

  (a)   apply to the Federal Court for the determination of another prescribed body corporate to perform the functions mentioned in subsection   5 7(3) of the Act; and

  (b)   if the liquidator nominates the Indigenous Land and Sea Corporation as the prescribed body corporate -- give the Indigenous Land and Sea Corporation written notice of the application.

  (2)   The Federal Court:

  (a)   must determine the application as soon as practicable after receiving the application; and

  (b)   may make orders about any matter relating to the replacement or the transition to the replacement agent prescribed body corporate.