Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) In exercising its powers to acquire, hold, deal with or dispose of real or personal property, the School may agree to and carry out the conditions of a gift, grant, bequest, devise, purchase, lease or other means whereby it acquires or holds property.
(2) The Board may create and administer trust funds or other funds:
(a) in connection with real or personal property held by it in accordance with subsection (1); or
(b) for any other purpose,
as it thinks fit.
(3) If money is received by the School in accordance with subsection (1), it must be paid into a fund established by the Board under subsection (2) for that purpose.
(4) If:
(a) a fund referred to in subsection (3) is wound up; or
(b) the School ceases to be endorsed as a deductible gift recipient under the Income Tax Assessment Act 1997 of the Commonwealth,
the Board must transfer the balance of the fund (after paying the fund's liabilities, if any) to a fund, authority or institution that is endorsed as a deductible gift recipient under the Income Tax Assessment Act 1997 of the Commonwealth.