7Functions of registered native title body corporate not acting as trustee

#### 7 Functions of registered native title body corporate not acting as trustee Body corporate that does not hold native title rights and interests (1) For the purposes of section 58 of the Act, a registered native title body corporate that is an agent prescribed body corporate in relation to native title rights and interests of common law holders has the following functions: (a) to act as agent of the common law holders in respect of matters relating to the native title; (b) to manage the rights and interests of the common law holders as authorised by the common law holders; (c) to hold in trust money connected with the native title rights and interests (including payments received as compensation or otherwise related to those rights and interests); (d) to invest or otherwise apply the money held in trust as directed by the common law holders; (e) to consult with the common law holders in accordance with regulations 8, 8A and 8B; (f) to perform any other function relating to those rights and interests as directed by the common law holders. Body corporate that makes compensation application in relation to extinguished area (1A) For the purposes of section 58 of the Act, a registered native title body corporate that: (a) does not hold native title rights and interests in trust; and (b) makes a compensation application on behalf of all the persons who claim to be entitled to the compensation; has the following functions: (c) to consult with the persons who claim to be entitled to the compensation in accordance with regulation 8B; (d) to hold in trust payments received as compensation; (e) to invest or otherwise apply the money held in trust as directed by the persons entitled to the compensation; (f) to perform any other function relating to the compensation as directed by the persons entitled to the compensation. General (2) Without limiting subregulation (1) or (1A), in order to perform its functions, a registered native title body corporate may, on behalf of the common law holders or persons entitled to, or who claim to be entitled to, the compensation: (a) consult other persons or bodies; and (b) enter into agreements; and (c) exercise procedural rights; and (d) accept notices required by any law of the Commonwealth, a State or a Territory to be given to the common law holders or persons entitled to, or who claim to be entitled to, the compensation. > Note: An agent prescribed body corporate is also subject to regulations 8 to 10.