Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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
(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
(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.
(4) In subsection (2):
"personal property" does not include property consisting of an estate or
interest in land.