Trust Fund and Trust moneys
21 Trust Fund and Trust moneys
All money received by the Trust must be paid into an account at an
ADI maintained by the Trust for the purposes of this Act (the Trust
Fund).
Subject to subsection (3), money held by the Trust (including the proceeds of any sale, lease or other dealing with any Trust Land and the income from any investment of Trust moneys) may only be used for the following purposes:
to pay any costs associated with the operations of the Trust and the administration of this Act;
the development and improvement of Trust Land;
the acquisition and development of further lands for the purposes of this Act;
engaging in commercial and other activities in accordance with this
Act;
any other purpose specified by the regulations for the purposes of this section.
If—
the Treasurer pays to the Trust an amount under section 55; or
payments of a kind contemplated by section 56 are paid to the Trust, then the Trust must apply—
in the case of an amount paid under section 55—one half of the amount paid;
and
in the case of payments of a kind contemplated by section 56—a reasonably proportionate amount of the payments, towards improving the Trust Land to which the payment relates, or for the direct benefit of any community living on the Trust
Land.
This provision refers to the regulations (specified by the regulations
). Made under this Act:
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