Commonwealth Consolidated Acts Commonwealth Consolidated ActsWhen this section applies
(1) This section applies if a body corporate has acquired an interest in land or a water - related right and:
(a) the interest or right was acquired from the Indigenous Land and Sea Corporation under paragraph 191D(1)(a); or
(b) the interest or right was acquired using money granted to the body corporate by the Indigenous Land and Sea Corporation under paragraph 191D(1)(c); or
(c) the interest or right was acquired from a subsidiary of the Indigenous Land and Sea Corporation as a result of the performance by the subsidiary of the function corresponding to the function of the Indigenous Land and Sea Corporation referred to in paragraph 191D(1)(a); or
(d) the interest or right was acquired using money granted to the body corporate by a subsidiary of the Indigenous Land and Sea Corporation as a result of the performance by the subsidiary of the function corresponding to the function of the Indigenous Land and Sea Corporation referred to in paragraph 191D(1)(c).
Surrender of interest or right to Indigenous Land and Sea Corporation
(2) The body corporate may dispose of the interest or right to the Indigenous Land and Sea Corporation. The disposal is subject to such terms and conditions as are agreed between the body corporate and the Indigenous Land and Sea Corporation.
Effect of surrender of interest or right
(3) If the Indigenous Land and Sea Corporation acquires an interest in land, or a water - related right, as a result of a disposal under subsection (2), this Part has effect as if the interest or right had been acquired by the Indigenous Land and Sea Corporation under paragraph 191D(1)(b).