This Act concerns self-government and self-sufficiency of Aboriginal persons and Torres Strait Islanders, the economic and cultural development of and the use of lands by descendants of original habitants of Australia. The Act establishes the Torres Strait Regional Authority (TSRA), the Indigenous Land Corporation and a corporation to be known as Indigenous Business Australia. TSRA shall, among other things, formulate and implement programs for Torres Strait Islanders, and Aboriginal persons, living in the Torres Strait area. In certain cases the disposal of interest in land requires consent of TSRA. The Act establishes a TSRA Land and Natural Resources Fund. The Indigenous Land Corporation shall assist Aboriginal persons and Torres Strait Islanders to acquire land and manage lands. The Indigenous Land Corporation Board must prepare, and revise from time to time, a strategy to be known as the national indigenous land strategy.
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