Scotch College Common Funds Act 2001

i Scotch College Common Funds Act 2001 Act No. 95/2001 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 2 1. Purpose 2 2. Commencement 2 3. Definitions 2 4. Application of Act 3 PART 2—COMMON FUNDS 4 5. Establishment of common funds 4 6. Appointment and removal of trustees 4 7. Bringing trust fund into, or removing trust fund from, common fund 4 8. Income of common fund 4 9. Rules 5 ═══════════════ ENDNOTES 6 -- 1 of 7 -- 1 Scotch College Common Funds Act 2001† [Assented to 18 December 2001] Preamble 1. There are in existence a large number of trust funds for the benefit of Scotch College or purposes connected with Scotch College. 2. Scotch College wishes to be able to provide for the pooled investment of those trust funds to minimise administrative costs and increase investment income. 3. It is expedient to enact legislation for this purpose. The Parliament of Victoria therefore enacts as follows: Victoria No. 95 of 2001 -- 2 of 7 -- Act No. 95/2001 Scotch College Common Funds Act 2001 2 PART 1—PRELIMINARY 1. Purpose The purpose of this Act is to enable Scotch College to establish investment common funds for the collective investment of trust funds. 2. Commencement This Act comes into operation on the day after the day on which it receives the Royal Assent. 3. Definitions In this Act— "common fund" means an investment common fund established under section 5; "Scotch College" means Scotch College ACN 005 650 395, a limited public company allowed by licence to omit "Limited" from its name; "Scotch College Foundation" means Scotch College Foundation, an association incorporated under the Associations Incorporation Act 1981; "trust fund" means a fund held by any person (including Scotch College, Gardiner Hill Pty Ltd ACN 005 740 027 or the Scotch College Foundation) on trust for, or for the benefit of— (a) Scotch College; or (b) any person who is, was or is to be— (i) a student of; or (ii) a teacher (by whatever name called) at; or s. 1 -- 3 of 7 -- Act No. 95/2001 Scotch College Common Funds Act 2001 3 (iii) an employee of— Scotch College. 4. Application of Act This Act applies to trust funds, whether created before or after the commencement of this Act. _______________ s. 4 -- 4 of 7 -- Act No. 95/2001 Scotch College Common Funds Act 2001 4 PART 2—COMMON FUNDS 5. Establishment of common funds Scotch College may establish one or more investment common funds for the collective investment of any trust funds. 6. Appointment and removal of trustees (1) Scotch College may— (a) act as trustee of; or (b) appoint another person (including a person related to, or associated with, Scotch College in any way) to act as trustee of— a common fund. (2) At any time Scotch College may remove from office a trustee appointed by it under sub-section (1)(b) and appoint another trustee in place of the removed trustee. 7. Bringing trust fund into, or removing trust fund from, common fund (1) Without liability for breach of trust, Scotch College may bring the whole or any part of a trust fund into a common fund or withdraw the whole or any part of a trust fund from a common fund, despite any direction to the contrary (whether express or implied) contained in the trust instrument. (2) Scotch College must not bring into a common fund the whole or any part of a trust fund if any of the securities in which the capital of the common fund is invested are securities in which the trust fund is not authorised to be invested. 8. Income of common fund s. 5 -- 5 of 7 -- Act No. 95/2001 Scotch College Common Funds Act 2001 5 (1) Subject to sub-section (2), Scotch College must periodically distribute or allocate the income of a common fund among the trust funds participating in the common fund, having regard to the extent of the participation by each trust fund in the common fund during the relevant accounting period. (2) If it considers it expedient so to do, Scotch College may use a portion of the income of a common fund to add to the capital of the common fund or establish or augment a fund or funds as a provision against capital depreciation or reduction of income. 9. Rules Scotch College, together with any person appointed as trustee of a common fund, may jointly make rules, not inconsistent with this Act, for or with respect to the establishment or operation of that common fund. ═══════════════ -- 6 of 7 -- Act No. 95/2001 Scotch College Common Funds Act 2001 6 ENDNOTES † Second reading speech— Legislative Assembly: 28 November 2001 Legislative Council: 5 December 2001 The long title for the Bill for this Act was "to enable Scotch College to establish investment common funds for the collective investment of trust funds and for other purposes." Endnotes -- 7 of 7 --