15Replacement of agent prescribed body corporate by trustee prescribed body corporate

15 Replacement of agent prescribed body corporate by trustee prescribed body corporate

(1) For paragraph 56(7)(a) of the Act, the common law holders: (a) may apply to the Federal Court for a determination that a prescribed body corporate hold the rights and interests from time to time comprising the native title in trust for the common law holders if: (i) there is an agent prescribed body corporate; and (ii) the common law holders decide that they want the rights and interests held in trust; and (b) if they do—must comply with the notification requirements mentioned in regulation 18. (2) The Federal Court may: (a) determine that a prescribed body corporate, whether or not it is the agent body corporate, is to hold the rights and interests in trust for the common law holders; and (b) make orders about any matter relating to the termination of the trust, the performance of those functions and the transition to the replacement prescribed body corporate.