Document ID: chunk:federal_register_of_legislation:C2023C00407:section:8
Version: federal_register_of_legislation:C2023C00407
Segment Type: section
Provision Reference: s 8
Character Range: 15781–17742

8  Simplified outline of this Part

         • The Aboriginal and Torres Strait Islander Land and Sea Future Fund consists of:
             (a) the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account; and
             (b) the investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.
         • The balance of the Aboriginal and Torres Strait Islander Land Account will be transferred to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account.
         • Financial assets that represent the investment of amounts standing to the credit of the Aboriginal and Torres Strait Islander Land Account will be transferred to the Aboriginal and Torres Strait Islander Land and Sea Future Fund.
         • The responsible Ministers may determine that additional amounts be credited to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account.
         • The Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account can be debited for 2 main purposes:
             (a) to transfer amounts to the Indigenous Land and Sea Corporation Funding Special Account so that annual payments can be made to the Indigenous Land and Sea Corporation; and
             (b) to transfer amounts to the Indigenous Land and Sea Corporation Funding Special Account so that additional payments can be made to the Indigenous Land and Sea Corporation.
         • The Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account can also be debited in relation to costs and other obligations incurred by the Future Fund Board in managing the Aboriginal and Torres Strait Islander Land and Sea Future Fund.
Note: The Aboriginal and Torres Strait Islander Land Account was continued in existence by repealed section 192W of the Aboriginal and Torres Strait Islander Act 2005.

Division 2—Aboriginal and Torres Strait Islander Land and Sea Future Fund