Document ID: chunk:federal_register_of_legislation:F2024C00961:reg:6
Version: federal_register_of_legislation:F2024C00961
Segment Type: reg
Provision Reference: reg 6
Character Range: 10350–12845

6  Functions of prescribed body corporate acting as trustee

Body corporate that holds native title rights and interests
 (1) For subsection 56(4) of the Act, if a prescribed body corporate holds native title rights and interests in trust under section 56, the body corporate has the following functions:
 (a) to manage the native title rights and interests of the common law holders of those rights and interests;
 (b) to hold in trust money connected with the holding in trust of the native title rights and interests (including payments received as compensation or otherwise related to the native title rights and interests);
 (c) to invest or otherwise apply the money held in trust as directed by the common law holders;
 (d) to consult with the common law holders in accordance with regulations 8, 8A and 8B;
 (e) to perform any other function relating to the holding in trust of the native title rights and interests as directed by the common law holders.

Body corporate that makes compensation application in relation to extinguished area
 (1A) For the purposes of section 58 of the Act, a registered native title body corporate that:
 (a) holds native title rights and interests in trust; and
 (b) makes a compensation application on behalf of all the persons who claim to be entitled to the compensation;
has the following functions:
 (c) to consult with the persons who claim to be entitled to the compensation in accordance with regulation 8B;
 (d) to hold in trust payments received as compensation;
 (e) to invest or otherwise apply the money held in trust as directed by the persons entitled to the compensation;
 (f) to perform any other function relating to the compensation as directed by the persons entitled to the compensation.

General
 (2) Without limiting subregulation (1) or (1A), in order to perform its functions, a prescribed body corporate or registered native title body corporate may, on behalf of the common law holders or persons entitled to, or who claim to be entitled to, the compensation:
 (a) consult other persons or bodies; and
 (b) enter into agreements; and
 (c) exercise procedural rights; and
 (d) accept notices required by any law of the Commonwealth, a State or a Territory to be given to the common law holders or persons entitled to, or who claim to be entitled to, the compensation.
Note: A prescribed body corporate, or registered native title body corporate, acting as trustee for common law holders is also subject to regulations 8 to 10.