What is a PBC?
A Prescribed Body Corporate (PBC) is a corporation nominated by the common law holders to hold their determined native title rights and interests. The common law holders request the Federal Court of Australia to determine its PBC, usually at the time of their determination.
That Native Title Act 1993 (NTA) requires the PBC corporation to be registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) and the PBC must comply with the corporate governance compliance obligations set out in the CATSI Act. PBCs must also comply with:
- its Rule Book;
- the Corporations (Aboriginal and Torres Strait Islander) Regulations 2017 (CATSI Regulations);
- the Native Title (Prescribed Bodies Corporate) Regulations 1999 (PBC Regulations); and
- the Native Title Act 1993.
In addition to these, PBCs are required to comply with other corporate compliance obligations such as: employment, taxation, superannuation, insurances and the like.