South Australian Consolidated Acts South Australian Consolidated Acts (1) A retention lease
shall provide for the payment, by way of rental, of such sum as may be
prescribed.
(2) If a retention
lease is granted over land consisting of, or including, land subject to a
relevant interest (ie an estate of fee simple or native title conferring a
right to exclusive possession of the land), the amount paid to the Minister by
way of rental under the lease must, after deduction of 5%, 1 be dealt with in
accordance with the following principles—
(a) the
proportionate entitlement of each holder of a relevant interest in the land
must be worked out by determining what proportion of the total area of the
land subject to the lease is represented by land in which the holder holds a
relevant interest; and
(b) a
proportion of the net amount available for distribution, equivalent to the
holder's proportionate entitlement, must be paid to each holder of a relevant
interest in land subject to the lease; and
(c) if a
balance remains after distribution under paragraph (b), the balance is to
be retained by the Minister.
(3) If no-one is
registered under the law of the State or the Commonwealth as the holder of
native title in native title land over which a retention lease has been
granted, the Minister must establish a trust fund and pay the amount to which
the holder of native title is entitled under subsection (2) into the
trust fund until a determination is made of who is entitled to the payment.
(4) If no valid claim
has been made on the trust fund within five years after its establishment, the
Minister may dissolve the fund and pay the amount standing to its credit into
the Consolidated Account but, if the fund is dissolved, any claim that might
have been made against the fund assuming that it had continued in existence
may be made instead against the State.
Note—
1 The net amount remaining after the 5% deduction
is referred to subsequently as the net amount available for distribution.