Commonwealth Numbered Acts

ABORIGINAL AND TORRES STRAIT ISLANDER COMMISSION ACT 1989 No. 150 of 1989 - SECT 68

68. (1) There is established by this subsection a fund to be known as the
Regional Land Fund.

(2) Subject to subsection 61 (5), there shall be paid into the Land Fund, from
the money of the Commission, amounts equal to amounts allocated to the
Land Fund in approved Regional Council estimates.

(3) Money in the Land Fund shall not be spent except in acquiring land under
section 14, or making a grant under section 15, in accordance with a proposal
relating to an acquisition of specified land that is:

   (a)  made by a Regional Council; and

   (b)  approved by the Minister.

(4) Where the Minister refuses to approve a proposal made by a Regional
Council relating to an acquisition of land, the Minister shall cause to be
laid before each House of the Parliament, within 15 sitting days of that House
after so refusing, a statement giving the Minister's reasons for so refusing.

(5) The total amount of money spent from the Land Fund from time to time on:

   (a)  land in a region; and

   (b)  grants under section 15 in connection with the acquisition of
        interests in land in the region; shall not exceed the sum of:

   (c)  the total amount of money paid, or taken to have been paid, from time
        to time into the Land Fund under subsection (2) by virtue of
        Regional Council estimates for the region concerned; and

   (d)  such amount as the Commission determines is a fair share of the income
        earned by the Land Fund through investments under subsection (6).

(6) Money in the Land Fund that is not immediately required for the purposes
of the Land Fund may be invested:

   (a)  on deposit with an approved bank;

   (b)  in Commonwealth securities; or

   (c)  in any other manner approved by the Treasurer.