Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For paragraph 57 (3) (b) of the Act, if a prescribed body corporate that does not hold native title rights and interests in trust for the common law holders of the rights and interests becomes a registered native title body corporate, the body corporate has the following functions:
(a) to act as agent or representative of the common law holders in respect of matters relating to those rights and interests;
(b) to manage the rights and interests of the common law holders as authorised by the common law holders;
(c) to hold money (including payments received as compensation or otherwise related to the native title rights and interests) in trust;
(d) to invest or otherwise apply money held in trust as directed by the common law holders;
(e) to consult with the common law holders in accordance with regulation 8;
(f) to perform any other function relating to those 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 agent or representative of the common law holders is also subject to r 8, 9 and 10.