191DAcquisition functions of Indigenous Land and Sea Corporation

#### 191D Acquisition functions of Indigenous Land and Sea Corporation Functions (1) The acquisition functions of the Indigenous Land and Sea Corporation are as follows: (a) to grant interests in land, and water‑related rights, to Aboriginal or Torres Strait Islander corporations; (b) to acquire by agreement interests in land, and water‑related rights, for the purpose of making grants under paragraph (a); (c) to make grants of money to Aboriginal or Torres Strait Islander corporations for the acquisition of interests in land and water‑related rights; (d) to guarantee loans made to Aboriginal or Torres Strait Islander corporations for the purpose of the acquisition of interests in land and water‑related rights. > Note 1: Interest, in relation to land, is defined by section 4. > Note 1A: Water‑related right is defined by section 4C. > Note 2: Aboriginal or Torres Strait Islander corporation is defined by section 4. Grants may be subject to conditions (1A) The grant of an interest in land, or a water‑related right, by the Indigenous Land and Sea Corporation may be made subject to such terms and conditions as the Indigenous Land and Sea Corporation determines. (1B) An instrument determining terms and conditions under subsection (1A) is not a legislative instrument. Grants—terms and conditions (2) The Indigenous Land and Sea Corporation may make a grant of money on terms and conditions that must relate to: (a) the purposes for which the money may be spent; or (b) the period within which the money is to be spent; or (c) the acquittal of money spent; or (d) the giving of information in relation to the grant. If the grant becomes repayable because of a breach of such a term or condition, the Indigenous Land and Sea Corporation must take all reasonable steps to recover the repayment. Guarantees—terms and conditions (2A) A guarantee is subject to such terms and conditions as the Indigenous Land and Sea Corporation determines. Performance of functions (3) For the purpose of the performance of the Indigenous Land and Sea Corporation’s acquisition functions, the Indigenous Land and Sea Corporation must give priority to the following: (a) pursuing a policy of: (i) acquiring interests in land, and water‑related rights, and granting the interests and rights to Aboriginal or Torres Strait Islander corporations; or (ii) in cases where the Indigenous Land and Sea Corporation grants money to Aboriginal or Torres Strait Islander corporations for the acquisition of interests in land or water‑related rights—acting as the agent of the Aboriginal or Torres Strait Islander corporations in connection with those acquisitions; except where the circumstances make the pursuit of such a policy impracticable or inadvisable; (b) in a case where the Indigenous Land and Sea Corporation acquires an interest in land, or a water‑related right, for the purpose of making a grant of the interest or right to an Aboriginal or Torres Strait Islander corporation—that grant being made within a reasonable time after that acquisition. Searches under Native Title Act (4) In performing its acquisition functions, the Indigenous Land and Sea Corporation must search any relevant Registers of the National Native Title Tribunal to ascertain whether any claims have been lodged or accepted or determined in relation to: (a) land under consideration for acquisition; or (b) waters, in relation to which water‑related rights are under consideration for acquisition.