Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 2 - ABORIGINAL AND TORRES STRAIT ISLANDER CORPORATIONS  

PART 2-5 - EFFECTS OF REGISTRATION  

Division 42 - Effects of registration  

SECTION 42-30   VESTING OF PROPERTY IN CORPORATION ON REGISTRATION  
Application of section

42-30(1)    
This section applies if an application is lodged to register an unincorporated body as an Aboriginal and Torres Strait Islander corporation.

Personal property other than land

42-30(2)    
Upon registration, any personal property held by a person, in trust or otherwise, for or on behalf of the members of the body vests in the corporation. The property vests subject to any trust, covenant, contract or liability affecting the property (other than a trust for the members).

Estate or interest in land

42-30(3)    
If:

(a)    a person holds an estate or interest in land, in trust or otherwise, for or on behalf of the members of the body; and

(b)    the body is registered; that person must, upon the registration, take all action required to vest the estate or interest in the corporation. The vesting is subject to any trust (other than a trust for the members), or any covenant, contract or liability affecting the estate or interest.

42-30(4)    
In subsection (2) :

personal property
does not include property consisting of an estate or interest in land.