52CLocal Aboriginal Land Councils’ responsibilities in relation to certain arrangements and transfers

#### 52C Local Aboriginal Land Councils’ responsibilities in relation to certain arrangements and transfers 52C Local Aboriginal Land Councils’ responsibilities in relation to certain arrangements and transfers > > (1) In this section— > > > > enter into includes participate in. > > > > entity means any partnership, trust, corporation, joint venture, syndicate or other body (whether or not incorporated). > > > (2) This section applies to an arrangement entered into by a Local Aboriginal Land Council— > > > > > (a) for the purpose of exercising any of the Council’s functions under this Act (including providing a community benefits scheme), and > > > > > (b) that includes the formation, acquisition, operation or management of an entity. > > > (3) Local Aboriginal Land Councils to report on certain arrangements A Local Aboriginal Land Council must include, in the accounts and records of the Council under this Act and the regulations, details of any operations that are carried out under an arrangement to which this section applies (including any activities or operations carried out by the entity formed, acquired, operated or managed and any financial matters relating to any such entity). > > > (4) Before entering into an arrangement to which this section applies, a Local Aboriginal Land Council must take reasonable steps to ensure that the Local Aboriginal Land Council will not be prevented from complying with the Council’s reporting obligations in relation to operations carried out under such an arrangement (including any financial matters relating to the entity formed, acquired, operated or managed under the arrangement). > > > (5) Risk assessment and approval for transfer of certain assets Before transferring assets (other than land) in connection with an arrangement to which this section applies, a Local Aboriginal Land Council must, if required to do so by any applicable policy of the New South Wales Aboriginal Land Council (or, if there is no such policy, by the regulations)— > > > > > (a) conduct a risk assessment with respect to the proposed transfer in accordance with any applicable policy of the New South Wales Aboriginal Land Council or any such regulation, and > > > > > (b) obtain the approval of the members of the Local Aboriginal Land Council to the transfer. > > > (6) Requirements for approval resolutions Any Local Aboriginal Land Council resolution that approves the Council’s proposed transfer of an asset (other than land) under this section must— > > > > > (a) contain a statement identifying the purpose of the action and any conditions to which the approval is subject, and > > > > > (b) be made at a meeting of the Council— > > > > > > > (i) in respect of which notice was given, in accordance with the regulations, not less than 14 days before the day on which the meeting is held, and > > > > > > > (ii) at which a quorum is present, and > > > > > (c) be passed by not less than 80% of the votes cast. > > > (7) Approval of termination of certain arrangements A Local Aboriginal Land Council must not terminate an arrangement to which this section applies, or dispose of an interest in an entity formed, acquired, operated or managed under such an arrangement, otherwise than in accordance with the approval of the Board of the Council. > > **s 52C:** Ins 2006 No 111, Sch 1 \[18\]. Subst 2014 No 75, Sch 1 \[19\].