Document ID: chunk:federal_register_of_legislation:F2024C00961:reg:14
Version: federal_register_of_legislation:F2024C00961
Segment Type: reg
Provision Reference: reg 14
Character Range: 31173–32247

14  Replacement of trustee prescribed body corporate in liquidation
 (1) For subparagraph 56(4)(d)(ii) and paragraph 56(4)(f) of the Act, a liquidator who has been appointed for a prescribed body corporate that holds native title rights and interests in trust must, within 14 days after being appointed:
  (a) apply to the Federal Court for the determination of a prescribed body corporate to perform the functions mentioned in subsection 57(3) of the Act; and
 (b) if the liquidator nominates the Indigenous Land and Sea Corporation as the prescribed body corporate—give the Indigenous Land and Sea Corporation written notice of the application.
 (2) The Federal Court:
 (a) must determine the application as soon as practicable after receiving the application; and
 (b) must determine that the trust is terminated; and
 (c) may make orders about any matter relating to the termination of the trust or the transition to the replacement prescribed body corporate.
 (3) When the trust is terminated, the native title rights and interests are held by the common law holders.