Document ID: chunk:federal_register_of_legislation:C2024C00482:clause:1_194
Version: federal_register_of_legislation:C2024C00482
Segment Type: clause
Provision Reference: sch 1 cl 194
Character Range: 55035–56417

194  Constraints on expenditure of money transferred from Regional Land Fund
(1) If class B exempted assets that are vested in the Indigenous Land Corporation comprise money that stood to the credit of the Regional Land Fund immediately before ATSIC abolition day, that money may only be used by the Indigenous Land Corporation:
 (a) during the period starting on that day and ending immediately before Regional Councils abolition day—if the money is applied:
 (i) to make a grant to a person or body on condition that the grant money is spent in acquiring an interest in land and that acquisition has been proposed by a Regional Council; or
 (ii) to acquire an interest in land for the purpose of transferring that interest to a person or body, where that acquisition has been proposed by a Regional Council;
  and the grant so made or the transfer for which the interest in land was acquired will further the social, economic and cultural development of Aboriginal persons or Torres Strait Islanders; and
 (b) on and after Regional Councils abolition day—in performing any function conferred on the Indigenous Land Corporation by the Aboriginal and Torres Strait Islander Act 2005.
(2) Any interest in land acquired by the Indigenous Land Corporation for the purpose referred to in subparagraph (1)(a)(ii) must be transferred to a person or body in accordance with that purpose.