Victorian Consolidated Legislation

Aboriginal Lands Act 1970 - SECT 14

Restriction on transfer of shares

14. Restriction on transfer of shares



(1) A member of a Trust shall not sell or transfer any shares to any person
otherwise than in accordance with this section, and no transfer in
contravention of this section shall be registered.

(2) A member of a Trust may transfer his shares or any of them as follows-

   (a)  to the Trust;

   (b)  to another member;

   (c)  to the Crown in right of the Commonwealth or the State; or

   (d)  To a person whom the Trust believes to be-

   (i)  the husband or wife, or a child or remoter issue, brother, sister or
        parent of the member;

   (ii) a brother or sister of a parent of the member; or

   (iii) a child or remoter issue of a parent of the member, or of a brother
        or sister of a parent of the member:

Provided that for the purposes of this paragraph, any natural blood
relationship shall be treated as being legitimate.

(3) Nothing in this section shall be construed as preventing a transfer of
shares-

   (a)  by the personal representative of a deceased member to the persons
        entitled thereto under the will or on the intestacy of the deceased
        member; or

   (b)  by the Crown to the member from whom the shares were acquired or his
        personal representative.

(4) A member of a Trust may make to the Trust an offer in writing to sell any
shares owned by him to the Trust or any person to be nominated by the Trust
(being a person to whom shares may be transferred in accordance with this
section) at a price fixed as required by this Act by the auditor appointed
under this Act.

(5) Any such offer shall remain open for acceptance by the Trust or a person
nominated by it as aforesaid for a period of three months after it is made,
and then lapse.

(6) Upon the lapsing of any such offer, the member shall be entitled to
transfer the shares or any of them to any person at a price being not less
than the price fixed for them by the auditor.

(7) Where any shares in a Trust are acquired by the Trust-

   (a)  the shares shall be deemed to have been acquired on behalf of the
        remaining members rateably according to the number of shares owned by
        them;

   (b)  the shares shall be deemed to be held in Trust for the remaining
        members until the end of the financial year in which they were
        acquired, when the total number of shares shall be reduced by the
        number so acquired;

   (c)  the Trust shall not be entitled to exercise any voting rights at any
        general meeting of the Trust in respect of the shares; and

   (d)  any dividends paid in respect of shares after they are acquired shall
        be deemed to be income of the Trust.

Committee of Management