Commonwealth Consolidated Regulations

NATIVE TITLE (PRESCRIBED BODIES CORPORATE) REGULATIONS 1999 - REG 6

         (1)   For subsection 56 (4) of the Act, if a prescribed body corporate holds native title rights and interests in trust under section 56, the body corporate has the following functions:

                (a)    to manage the native title rights and interests of the common law holders of those rights and interests;

               (b)    to hold money (including payments received as compensation or otherwise related to the native title rights and interests) in trust;

                (c)    to invest or otherwise apply money held in trust as directed by the common law holders;

               (d)    to consult with the common law holders in accordance with regulation 8;

                (e)    to perform any other function relating to the native title rights and interests as directed by the common law holders.

         (2)   Without limiting subregulation (1), in order to perform its functions, a prescribed body corporate may, on behalf of the common law holders:

                (a)    consult other persons or bodies; and

               (b)    enter into agreements; and

                (c)    exercise procedural rights; and

               (d)    accept notices required by any law of the Commonwealth, a State or a Territory to be given to the common law holders.

Note    A prescribed body corporate acting as trustee for common law holders is also subject to r 8, 9 and 10.