This factsheet explains the process to incorporate a PBC.

If a native title claim is successful, the native title holders must nominate an Aboriginal corporation to hold their native title. This is called a prescribed body corporate, or a PBC. To do this, the native title holders ask the Federal Court to determine that the Aboriginal corporation they nominated should be the PBC for the native title determination. This happens at the same time as the native title determination, or within a period of time allowed by the Court afterwards.

If the claim group does not nominate an Aboriginal corporation within the time allowed by the Court, the Indigenous Land and Sea Corporation (ILSC) may become the default PBC. If the ILSC becomes the default PBC, then the native title holders lose direct control of management of their native title.

Native title holders, members and directors all have a role in the PBC carrying out its functions. The members and directors run the operations of the PBC and have an obligation to speak to the native title holders about native title decisions.
Once the PBC is nominated it becomes the job of the PBC to deal with native title, not the claim group. The PBC is the contact point for people who want to do something on the native title area.

The factsheet is available here.