52Bank guarantee required under right to negotiate procedures

52  Bank guarantee required under right to negotiate procedures  (1) This section applies if a condition to be complied with under:  (a) a determination made under section 36A; or  (b) a determination made under section 38; or  (c) a declaration made under section 42; in respect of an act is that an amount is to be secured by bank guarantee given by an authorised deposit‑taking institution within the meaning of the Banking Act 1959 (an ADI) in favour of the Registrar. Directions to ADI and payments to ultimate beneficiaries  (2) The Registrar must take the action set out in column 3 of the following table in the circumstances set out in column 2 of the table:   - Directions to ADI and payments to ultimate beneficiaries - Item If: the Registrar must: - 1 an approved determination of native title is made to the effect that there is no native title in relation to the area concerned immediately before the act takes place direct the ADI to cancel the bank guarantee. - 2 the Government party informs the Registrar in writing that it is not going to do the act direct the ADI to cancel the bank guarantee. - 3 (a) an approved determination of native title is made to the effect that the native title parties concerned are (disregarding any holding of the native title in trust under Division 6) the native title holders in relation to the area affected by the act; and(b) the registered native title body corporate advises the Registrar that it wishes to accept the amount instead of any compensation to which the native title holders may be entitled under Division 3 for the act; and(c) the person who secured the amount by bank guarantee advises the Registrar that the person agrees to the registered native title body corporate accepting the amount instead of any compensation to which the native title holders may be entitled under Division 3 for the act (a) direct the ADI to pay the amount secured to the Registrar; and(b) pay that amount to the registered native title body corporate in relation to the area concerned. - 4 (a) a determination is made, on a claim for compensation in respect of the act, that a person (the ultimate beneficiary) is entitled to compensation:(i) in accordance with this Division; or(ii) on just terms under a law of the Commonwealth or of a State or Territory dealing with the compulsory acquisition of rights or interests in the land or waters in relation to which compensation is claimed; and(b) the amount secured is less than or equal to the amount determined (a) direct the ADI to pay the amount secured to the Registrar; and(b) pay that amount to the ultimate beneficiary. - 5 (a) a determination is made, on a claim for compensation in respect of the act, that a person (the ultimate beneficiary) is entitled to compensation:(i) in accordance with this Division; or(ii) on just terms under a law of the Commonwealth or of a State or Territory dealing with the compulsory acquisition of rights or interests in the land or waters in relation to which compensation is claimed; and(b) the amount secured by bank guarantee is more than the amount determined (a) direct the ADI to pay an amount equal to the amount determined to the Registrar; and(b) pay that amount to the ultimate beneficiary; and(c) direct the ADI to cancel the guarantee. - 6 a determination is made, on a claim for compensation in respect of the act:(a) in accordance with this Division; or(b) on just terms under a law of the Commonwealth or of a State or Territory dealing with the compulsory acquisition of rights or interests in the land or waters in relation to which compensation is claimed;that no person is entitled to compensation direct the ADI to cancel the guarantee. - 7 (a) the person who secured the amount by bank guarantee obtains an alternative bank guarantee from an ADI in favour of the Registrar; and(b) the alternative bank guarantee complies with regulations made for the purposes of subsection 36C(5A), 41(4) or 42(5A) (as the case requires) direct the ADI to cancel the guarantee. - 8 (a) the Registrar applies to the Federal Court in accordance with subsection (3) for an order in relation to the amount secured; and(b) the court orders that an amount be paid to a person (the ultimate beneficiary) (a) direct the ADI to pay the secured amount (the original amount) to the Registrar; and(b) pay an amount to the ultimate beneficiary equal to the amount the court orders to be paid; and(c) if the amount to be paid to the ultimate beneficiary is less than the original amount—pay the remainder to the person who secured the original amount by bank guarantee or, if that person no longer exists, the person to whom the Federal Court orders it to be paid. - 9 (a) none of the other items apply; and(b) the Federal Court decides, on application by any person, that it would be just and equitable in all the circumstances to pay the amount secured by bank guarantee to a person (the ultimate beneficiary) (a) direct the ADI to pay the amount secured to the Registrar; and(b) pay that amount to the ultimate beneficiary. Application to the Federal Court where compensation includes transfer of property or provision of goods or services  (a) a determination is made, on a claim for compensation in respect of the act:  (ii) on just terms under a law of the Commonwealth or of a State or Territory dealing with the compulsory acquisition of rights or interests in the land or waters in relation to which compensation is claimed;   that a person is entitled to compensation; and  (b) some or all of the compensation is constituted by the transfer of property or the provision of goods or services; the Registrar must apply to the Federal Court for a direction as to the payment of the amount secured. Federal Court jurisdiction  (4) The Federal Court has jurisdiction in relation to the matters mentioned in:  (a) items 5, 8 and 9 of the table in subsection (2); and  (b) subsection (3). Compensation payable is greater amount than that secured  (a) a determination is made, on a claim for compensation in respect of the act:  (ii) on just terms under a law of the Commonwealth or of a State or Territory dealing with the compulsory acquisition of rights or interests in the land or waters in relation to which compensation is claimed;   that a person is entitled to compensation; and  (b) the amount secured by the bank guarantee is less than the amount determined; the Government party must pay the shortfall to the person. No compensation if already paid under bank guarantee  (6) Subject to section 53, if the Registrar pays an amount to a registered native title body corporate in accordance with item 3 of the table in subsection (2), there is no entitlement to compensation under Division 3 for the act.