Commonwealth Consolidated Acts

ABORIGINAL AND TORRES STRAIT ISLANDER ACT 2005 - SECT 4B

Indigenous - held land

  (1)   For the purposes of this Act, land is indigenous - held land if, and only if:

  (a)   an interest in the land is held by an Aboriginal or Torres Strait Islander corporation; or

  (b)   an interest in the land is held by an Aboriginal person or a Torres Strait Islander.

Exception--minority interest in tenancy in common

  (2)   For the purposes of subsection   (1), an interest in land is to be ignored if:

  (a)   the interest consists of a share in a tenancy in common; and

  (b)   the proportion of the shares in the tenancy in common held by:

  (i)   Aboriginal persons; and

  (ii)   Torres Strait Islanders; and

  (iii)   Aboriginal or Torres Strait Islander corporations;

    is less than 50%.

Exception--minority interest in partnership property

  (3)   For the purposes of subsection   (1), an interest in land is to be ignored if:

  (a)   the interest consists of a share in partnership property; and

  (b)   the proportion of the shares in the partnership property held by:

  (i)   Aboriginal persons; and

  (ii)   Torres Strait Islanders; and

  (iii)   Aboriginal or Torres Strait Islander corporations;

    is less than 50%.

Exception--interest of a mortgagee

  (4)   For the purposes of subsection   (1), an interest in land is to be ignored if the interest is held in the capacity of mortgagee (whether legal or equitable).