Torres Strait Islander Land Regulation 2011 (Qld)

Torres Strait Islander Land Regulation 2011

Part 1 Preliminary

1 Short title This regulation may be cited as the Torres Strait Islander Land Regulation 2011.

2 Commencement This regulation commences immediately after the commencement of the Aboriginal Land and Torres Strait Islander Land and Other Legislation Amendment Act 2011, section 188.

3 Definitions The dictionary in the schedule defines particular words used in this regulation.

Part 2 Provisions about land trusts

Division 1 Members of land trusts

4 Payments to members A member may be paid an amount equal to expenses reasonably incurred, or to be incurred, in the performance of the member's functions under the Act or this regulation.

5 Land trust to indemnify members A land trust must indemnify all its members engaged in giving effect to the Act or this regulation against all proceedings and claims in relation to— (a) acts done, or omitted to be done, by the member without negligence under the Act; and (b) acts done, or omitted to be done, by the member in good faith and without negligence purportedly for the purposes of the Act or this regulation.

6 Immunity of members (1) A member— (a) is chargeable only for amounts and securities actually received even though the member signed a receipt for the amount or security; and (b) is answerable and accountable only for the member's own acts, receipts, neglects or defaults. (2) Without limiting subsection (1), a member is not answerable or accountable for— (a) the acts, receipts, neglects or defaults of another member or the land trust; or (b) the acts, receipts, neglects or defaults of a bank, broker or other person with whom trust property is deposited; or (c) the insufficiency or deficiency of any securities or another loss unless the insufficiency, deficiency or loss happens because of the member's default.