Roman Catholic Trusts (Amendment) Act 2001

i Roman Catholic Trusts (Amendment) Act 2001 Act No. 64/2001 TABLE OF PROVISIONS Section Page 1. Purpose 2 2. Commencement 2 3. New sections 13A and 13B inserted 2 13A. Pooled investment of trust money 2 13B. Variation of trusts 3 ═══════════════ ENDNOTES 6 -- 1 of 7 -- 1 Roman Catholic Trusts (Amendment) Act 2001† [Assented to 23 October 2001] Preamble 1. The Roman Catholic Trusts Act 1907 provides for the creation of corporate bodies of trustees in which property belonging to the Roman Catholic Church in Victoria may be vested. 2. It is of benefit to the Roman Catholic Church and the wider community to allow for the pooled investment of trust money and the variation of express trusts where using trust property in conformity with those trusts is impossible or of no community benefit. 3. It is expedient to enact legislation for these purposes. Victoria No. 64 of 2001 -- 2 of 7 -- Act No. 64/2001 Roman Catholic Trusts (Amendment) Act 2001 2 The Parliament of Victoria therefore enacts as follows: 1. Purpose The purpose of this Act is to amend the Roman Catholic Trusts Act 1907 to allow corporate bodies that are trustees— (a) to pool trust money for investment purposes; (b) to vary trusts where the original trust is impossible to carry out or of no community benefit. 2. Commencement This Act comes into operation on the day after the day on which it receives the Royal Assent. 3. New sections 13A and 13B inserted After section 13 of the Roman Catholic Trusts Act 1907 insert— '13A. Pooled investment of trust money (1) A corporate body constituted under this Act may from time to time invest as one fund any money held on trust by it for different purposes, or any part of that money. (2) Income arising from the investment of the fund must be distributed rateably among the several purposes for which the money invested is held on trust. (3) Any loss arising from the investment of the fund must be borne rateably among the several purposes for which the money invested is held on trust. s. 1 See: Act No. 2100/1907 and amending Act No. 18/1989. LawToday: www.dms. dpc.vic. gov.au -- 3 of 7 -- Act No. 64/2001 Roman Catholic Trusts (Amendment) Act 2001 3 (4) Sub-section (1) is subject to any express provision to the contrary in the terms of the relevant trust. 13B. Variation of trusts (1) If, after the creation of the trusts to which any property vested in or held by a corporate body constituted under this Act is for the time being subject, it has, in the opinion of the corporate body, become impossible or of no community benefit to carry out or observe those trusts, the corporate body may by resolution declare other trusts to which the property may be held, being trusts for the charitable purposes of the Church. (2) A resolution declaring other trusts causes the replaced trusts to cease and determine and the property that was subject to those trusts to be held subject to the other trusts. (3) The property must be dealt with as nearly as may be possible for the purposes for which the property was, immediately before the resolution, held unless the corporate body by resolution declares that because of circumstances arising after the creation of the replaced trusts it is, in the opinion of the corporate body, impossible or of no community benefit to deal with or apply the property or some part of it for the same or similar purposes. (4) If a resolution is passed under sub-section (3) in relation to property or some part of it, the property or part may be dealt with and applied for the charitable purposes of the Church subject to the trusts declared by resolution of the corporate body. s. 3 -- 4 of 7 -- Act No. 64/2001 Roman Catholic Trusts (Amendment) Act 2001 4 (5) A resolution cannot be passed under sub- section (1) or (3) in respect of any particular trust unless— (a) the corporate body has given written notice of the intention to pass the resolution to the person responsible for the trust; and (b) no objection has been received by the corporate body from that person within 30 days after the day on which the notice is given. (6) Notice under sub-section (5)(a) must be given to the person responsible for the trust— (a) personally or by post, fax or e-mail to the person at the person's business or residential address; or (b) if the corporate body does not know the person's business or residential address or the person's identity—by publishing the notice in a newspaper generally circulating in Victoria. (7) Sub-section (5) does not apply if the corporate body knows that the person responsible for the trust is dead or, in the case of a body corporate, no longer exists. (8) This section applies to trusts created before or after the commencement of the Roman Catholic Trusts (Amendment) Act 2001. (9) In sub-section (1), the reference to trusts that have been created includes a reference to trusts declared by a resolution passed under this section. s. 3 -- 5 of 7 -- Act No. 64/2001 Roman Catholic Trusts (Amendment) Act 2001 5 (10) In this section— "personal representative" has the same meaning as in the Administration and Probate Act 1958; "person responsible" for a trust means— (a) in the case of a testamentary trust—the personal representative of the testator; (b) in any other case—the settlor of the trust or, if the settlor is dead, the personal representative of the settlor.'. ═══════════════ s. 3 -- 6 of 7 -- Act No. 64/2001 Roman Catholic Trusts (Amendment) Act 2001 6 ENDNOTES † Minister's second reading speech— Legislative Assembly: 19 September 2001 Legislative Council: 16 October 2001 The long title for the Bill for this Act was "to amend the Roman Catholic Trusts Act 1907 with respect to the administration of trusts and for other purposes." Endnotes -- 7 of 7 --