Commonwealth Numbered Acts

LAND FUND AND INDIGENOUS LAND CORPORATION (ATSIC AMENDMENT) ACT 1995 No. 20 of 1995 - SECT 6

6. After section 4A of the Principal Act the following section is inserted:

Indigenous-held land Indigenous-held land

"4B.(1) For the purposes of this Act, land is indigenous-held land if, and
only if:

   (a)  an interest in the land is held by an Aboriginal or Torres Strait
        Islander corporation; or

   (b)  an interest in the land is held by an Aboriginal person or a Torres
        Strait Islander.

Exception-minority interest in tenancy in common

"(2) For the purposes of subsection (1), an interest in land is to be ignored
if:

   (a)  the interest consists of a share in a tenancy in common; and

   (b)  the proportion of the shares in the tenancy in common held by:

        (i)    Aboriginal persons; and

        (ii)   Torres Strait Islanders; and

        (iii)  Aboriginal or Torres Strait Islander corporations; is less than
               50%.

Exception-minority interest in partnership property

"(3) For the purposes of subsection (1), an interest in land is to be ignored
if:

   (a)  the interest consists of a share in partnership property; and

   (b)  the proportion of the shares in the partnership property held by:

        (i)    Aboriginal persons; and

        (ii)   Torres Strait Islanders; and

        (iii)  Aboriginal or Torres Strait Islander corporations; is less than
               50%.

Exception-interest of a mortgagee

"(4) For the purposes of subsection (1), an interest in land is to be ignored
if the interest is held in the capacity of mortgagee (whether legal or
equitable).".