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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 1
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