(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:
(ii) Torres Strait Islanders; and
(iii) Aboriginal or Torres Strait Islander corporations;
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:
(ii) Torres Strait Islanders; and
(iii) Aboriginal or Torres Strait Islander corporations;
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).