New South Wales Consolidated Acts

ABORIGINAL LAND RIGHTS ACT 1983 - SECT 38

38 Purchase, lease etc of property

(1) The New South Wales Aboriginal Land Council or a Local Aboriginal Land Council may purchase, take on lease or hold any property or may acquire property by gift inter vivos, devise or bequest.

(1A) Despite subsection (1), a Local Aboriginal Land Council may purchase land only if:

(a) the purchase price for the land is not more than 5% above the assessed market value of the land, or

(b) the New South Wales Aboriginal Land Council has given its written approval to that purchase.

(2) The New South Wales Aboriginal Land Council or a Local Aboriginal Land Council may agree to the condition of any gift, devise or bequest to it, and the rule of law relating to perpetuities does not apply to any condition to which the Council has agreed under this section.

(3) Property acquired by the New South Wales Aboriginal Land Council or a Local Aboriginal Land Council subject to a condition to which the Council has agreed shall not be dealt with by the Council except in accordance with the condition.

(4) Without limiting its functions under any other provision of this Act or under any other Act, the New South Wales Aboriginal Land Council or a Local Aboriginal Land Council may exercise its power to purchase or take on lease any property (other than land), as referred to in subsection (1), only for or in connection with the use, development and improvement of land.

(5) Nothing in this Act prevents the vesting of lands pursuant to Division 3 of Part 4A of the NPW Act in more than one Local Aboriginal Land Council as joint tenants (without the benefit of survivorship).

Note: Division 3 of Part 4A of the NPW Act deals, among other matters, with the vesting in an Aboriginal Land Council or Councils of lands, reserved or dedicated under that Act, that are of cultural significance to Aboriginals and that are listed in Schedule 14 to that Act.

(6) In this section, "assessed market value" of land means the market value of the land as assessed by a registered valuer (within the meaning of the Valuers Act 2003 ) appointed by the Local Aboriginal Land Council concerned.