Document ID: chunk:federal_register_of_legislation:F2024C00961:reg:15
Version: federal_register_of_legislation:F2024C00961
Segment Type: reg
Provision Reference: reg 15
Character Range: 32247–33222

15  Replacement of agent prescribed body corporate by trustee prescribed body corporate
 (1) For paragraph 56(7)(a) of the Act, the common law holders:
 (a) may apply to the Federal Court for a determination that a prescribed body corporate hold the rights and interests from time to time comprising the native title in trust for the common law holders if:
 (i) there is an agent prescribed body corporate; and
 (ii) the common law holders decide that they want the rights and interests held in trust; and
 (b) if they do—must comply with the notification requirements mentioned in regulation 18.
 (2) The Federal Court may:
 (a) determine that a prescribed body corporate, whether or not it is the agent body corporate, is to hold the rights and interests in trust for the common law holders; and
 (b) make orders about any matter relating to the termination of the trust, the performance of those functions and the transition to the replacement prescribed body corporate.