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ROMAN CATHOLIC TRUSTS (AMENDMENT) BILL 2001

    Roman Catholic Trusts (Amendment) Bill

                         Circulation Print

              EXPLANATORY MEMORANDUM


Clause 1   sets out the purpose of the Act.

Clause 2   provides that the Act will commence operation on the day after
           the day it receives Royal Assent.

Clause 3   inserts new sections 13A and 13B. Section 13A provides that a
           corporate body of trustees can invest moneys into a common
           fund of investment, unless expressly prohibited by the relevant
           trust.
           Sub-sections (2) an (3) require that any income or losses arising
           from investment be distributed proportionately between the
           purposes for which the money invested is held on trust.
           Section 13B provides that the corporate body of trustees can,
           where the original purpose of a trust is impossible to carry out or
           of no community benefit, pass a motion to vary the purpose of
           the trust (subject to sub-section (5)), so that the money may be
           used, as nearly as possible, for the purposes for which it was
           originally held on trust. Where this is not possible, the money is
           to be used for the general charitable purposes of the Church.
           Sub-section (5) provides that a motion to vary a trust under sub-
           section (1) or (3) cannot be passed unless the corporate body has
           given written notice to the person responsible for the trust of the
           intention to pass such a motion, and no objection has been
           received from that person within 30 days.
           Sub-section (6) provides how notice is to be given. If the
           identity or address of the person responsible for the trust is not
           known, then an advertisement can be published in a newspaper
           generally circulating in Victoria.
           Sub-section (7) provides that notice need not be given if the
           corporate body knows that the person responsible is dead or no
           longer exists.

541209                                        BILL LA CIRCULATION 20/9/2001
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Sub-section (8) allows for the variation of trusts created before the amendments commence as well as those created afterwards. Sub-section (10) defines the person responsible for a trust as the testator's personal representative (for a trust in a will) or else the settlor of the trust or the settlor's personal representative. 2

 


 

 


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