Commonwealth Consolidated Acts

ABORIGINAL AND TORRES STRAIT ISLANDER ACT 2005 - SECT 191S

When section applies

             (1)  This section applies if a body corporate has acquired an interest in land and:

                     (a)  the interest was acquired from the Indigenous Land Corporation under paragraph 191D(1)(a); or

                     (b)  the interest was acquired using money granted to the body corporate by the Indigenous Land Corporation under paragraph 191D(1)(c); or

                     (c)  the interest was acquired from a subsidiary of the Indigenous Land Corporation as a result of the performance by the subsidiary of the function corresponding to the function of the Indigenous Land Corporation referred to in paragraph 191D(1)(a); or

                     (d)  the interest was acquired using money granted to the body corporate by a subsidiary of the Indigenous Land Corporation as a result of the performance by the subsidiary of the function corresponding to the function of the Indigenous Land Corporation referred to in paragraph 191D(1)(c).

Disposals and charges prohibited

             (2)  The body corporate must not, without the consent of the Indigenous Land Corporation:

                     (a)  dispose of the interest; or

                     (b)  give a charge with respect to an asset of the body corporate that consists of, or includes, the interest.

Purported disposals to be of no effect

             (3)  If the body corporate purports to dispose of the interest without the consent of the Indigenous Land Corporation, the purported disposition is of no effect.

Purported charges to be of no effect

             (4)  If:

                     (a)  the body corporate purports to give a charge with respect to an asset of the body corporate that consists of, or includes, the interest; and

                     (b)  the purported charge is given without the consent of the Indigenous Land Corporation;

the purported charge is of no effect.

Definition

             (5)  In this section:

"charge" means a charge created in any way and includes a mortgage and an agreement to give or execute a charge or mortgage, whether upon demand or otherwise.