38Purchase, lease etc of property

#### 38 Purchase, lease etc of property 38 Purchase, lease etc of property > > (1) The New South Wales Aboriginal Land Council or a Local Aboriginal Land Council may purchase, take on lease or hold any property or may acquire property by gift inter vivos, devise or bequest. > > > (1A) Despite subsection (1), a Local Aboriginal Land Council may purchase land only if— > > > > > (a) the purchase price for the land is not more than 15% above the market value of the land, as assessed by a qualified valuer who is appointed by the Local Aboriginal Land Council, or > > > > > (b) the New South Wales Aboriginal Land Council has given its written approval to that purchase, or > > > > > (c) the purchase is for nominal consideration. > > > (2) The New South Wales Aboriginal Land Council or a Local Aboriginal Land Council may agree to the condition of any gift, devise or bequest to it, and the rule of law relating to perpetuities does not apply to any condition to which the Council has agreed under this section. > > > (3) Property acquired by the New South Wales Aboriginal Land Council or a Local Aboriginal Land Council subject to a condition to which the Council has agreed shall not be dealt with by the Council except in accordance with the condition. > > > (4) (Repealed) > > > (5) Nothing in this Act prevents the vesting of lands pursuant to Division 3 of Part 4A of the NPW Act in more than one Local Aboriginal Land Council as tenants in common. > > > > Note. > > > > Division 3 of Part 4A of the NPW Act deals, among other matters, with the vesting in an Aboriginal Land Council or Councils of lands, reserved or dedicated under that Act, that are of cultural significance to Aboriginals and that are listed in Schedule 14 to that Act. > > > (6) Subject to the regulations, a reference in this section to a qualified valuer is a reference to a person who— > > > > > (a) has membership of the Australian Valuers Institute (other than associate or student membership), or > > > > > (b) has membership of the Australian Property Institute (other than student or provisional membership), acquired in connection with his or her occupation as a valuer, or > > > > > (c) has membership of the Royal Institution of Chartered Surveyors as a chartered valuer, or > > > > > (d) is of a class prescribed by the regulations. > > **s 38:** Am 1990 No 60, Sch 2 (3); 1996 No 142, Sch 2 \[7\]; 2001 No 118, Sch 1 \[8\] \[9\]; 2003 No 4, Sch 1.1; 2013 No 66, Sch 1 \[2\] \[3\]; 2015 No 48, Sch 1.1 \[1\] \[2\]; 2022 No 68, Sch 1\[2\] \[3\].