Commonwealth Consolidated Acts

ABORIGINAL AND TORRES STRAIT ISLANDER ACT 2005 - SECT 191G

Arrangements with subsidiaries

  (1)   The Indigenous Land and Sea Corporation may make an arrangement with a subsidiary of the Indigenous Land and Sea Corporation about the performance by the subsidiary of functions corresponding to one or more of the Indigenous Land and Sea Corporation's functions.

Note:   Subsidiary is defined by subsection   4(2).

Matters covered by arrangements

  (2)   Without limiting subsection   (1), an arrangement may provide:

  (a)   for the Indigenous Land and Sea Corporation to transfer money to the subsidiary in connection with the performance of the corresponding functions; or

  (b)   for the Indigenous Land and Sea Corporation to make loans to the subsidiary in connection with the performance of the corresponding functions; or

  (c)   for the Indigenous Land and Sea Corporation to guarantee loans made to the subsidiary for the purpose of the performance of the corresponding functions; or

  (d)   for the staff of the Indigenous Land and Sea Corporation to be made available to the subsidiary in connection with the performance of the corresponding functions.

Restrictions on performance of functions

  (3)   Subsections   191D(3) and 191E(3) and sections   191F and 191Q apply in relation to the performance by the subsidiary of the corresponding functions in a corresponding way to the way in which they apply to the performance of the Indigenous Land and Sea Corporation's functions.

Generality of arrangements

  (4)   An arrangement may relate to a particular function either generally or as otherwise provided by the arrangement.

Indigenous Land and Sea Corporation may continue to perform functions

  (5)   The making of an arrangement about a function does not prevent the Indigenous Land and Sea Corporation from performing that function.

When subsidiary taken to perform a corresponding function

  (6)   For the purposes of this Act and any other law of the Commonwealth, a subsidiary of the Indigenous Land and Sea Corporation is taken to perform a function corresponding to a particular function of the Indigenous Land and Sea Corporation if, and only if, the subsidiary performs the first - mentioned function under an arrangement under this section.

Independent function

  (7)   Anything done by the Indigenous Land and Sea Corporation under this section, or under an arrangement under this section, is taken to have been done by the Indigenous Land and Sea Corporation in the performance of a function that is separate and distinct from the Indigenous Land and Sea Corporation's acquisition functions or management functions.