(a) for the
purpose of exercising any of the Council's functions under this Act (including
providing a community benefits scheme), and
(b) that includes the formation,
acquisition, operation or management of an entity.
(3)
Local Aboriginal Land Councils to report on certain arrangements A
Local Aboriginal Land Council must include, in the accounts and records of the
Council under this Act and the regulations, details of any operations that are
carried out under an arrangement to which this section applies (including any
activities or operations carried out by the entity formed, acquired, operated
or managed and any financial matters relating to any such entity).
(4) Before
entering into an arrangement to which this section applies, a
Local Aboriginal Land Council must take reasonable steps to ensure that the
Local Aboriginal Land Council will not be prevented from complying with the
Council's reporting obligations in relation to operations carried out under
such an arrangement (including any financial matters relating to the entity
formed, acquired, operated or managed under the arrangement).
(5) Risk
assessment and approval for transfer of certain assets Before transferring
assets (other than land) in connection with an arrangement to which this
section applies, a Local Aboriginal Land Council must, if required to do so by
any applicable policy of the New South Wales Aboriginal Land Council (or, if
there is no such policy, by the regulations)--
(a) conduct a risk assessment
with respect to the proposed transfer in accordance with any applicable policy
of the New South Wales Aboriginal Land Council or any such regulation, and
(6) Requirements for approval resolutions Any
Local Aboriginal Land Council resolution that approves the Council's proposed
transfer of an asset (other than land) under this section must--
(a) contain a
statement identifying the purpose of the action and any conditions to which
the approval is subject, and
(b) be made at a meeting of the Council--
(i) in
respect of which notice was given, in accordance with the regulations, not
less than 14 days before the day on which the meeting is held, and
(ii) at
which a quorum is present, and
(c) be passed by not less than 80% of the
votes cast.
(7) Approval of termination of certain arrangements A
Local Aboriginal Land Council must not terminate an arrangement to which this
section applies, or dispose of an interest in an entity formed, acquired,
operated or managed under such an arrangement, otherwise than in accordance
with the approval of the Board of the Council.