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COPTIC ORTHODOX CHURCH (NSW) PROPERTY TRUST
BILL 1990
NEW SOUTH WALES
EXPLANATORY NOTE
(This Explanatory Note relates to this Bill as introduced into Parliament)
Property is currently held in trust for the Coptic Orthodox Church in New South
Wales by a company, Coptic Orthodox Church, Diocese of Australia, Parish of New
South Wales (Holdings) Limited. The Company is incorporated in New South Wales
and is limited by guarantee.
The objects of this Bill are:
(a) to constitute a statutory corporation to hold property on behalf of the
Church; and
(b) to specify the functions of the statutory corporation; and
(c) to transfer the assets and liabilities of the Company to the statutory
corporation.
PART 1 -- PRELIMINARY
Clause 1 specifies the short title of the proposed Act.
Clause 2 provides that the proposed Act commences on a day or days to be
proclaimed.
Clause 3 defines terms used in the proposed Act.
PART 2 -- CONSTITUTION AND FUNCTIONS OF THE TRUST
Clause 4 establishes the new trustee body (referred to as "the Trust") as a statutory
corporation.
(a) buying, holding and selling Church property and
(b) acquiring property by gift or by devise or bequest; and
(c) borrowing money for Church purposes.
PART 3 -- ACQUISITION AND VESTING OF CERTAIN TRUST PROPERTY
Clause 6 vests in the Trust all property held in trust for the Church. This includes
property held by the Company.
Clause 7 provides for the future vesting of Church property in the Trust.
PART 4 -- PARTICULAR POWERS OF THE TRUST
Clause 8 provides that the Trust may hold property alone or jointly.
Clause 9 provides for the investment of funds by the Trust.
Clause 10 enables the Trust to invest, as one fund, money held for different
purposes.
Clause 11 enables the Trust to make arrangements with a Church of another
denomination concerning the use of trust property.
Clause 12 enables the Trust to vary the terms of a trust if it has become impossible
or inexpedient to carry out those terms.
Clause 13 enables the Trust to be the executor or administrator of an estate in
which the Church has a beneficial interest. It also enables the Trust to accept
appointment as trustee of property held for the Church's benefit.
Clause 14 authorises the Trust to act on behalf of the Church in settling the
compensation payable in the event that any trust property is compulsorily acquired.
PART 5 -- GENERAL
Clause 15 provides for the use and custody of the seal of the Trust.
Clause 16 provides for the signing of written agreements and other instruments
made on behalf of the Trust and for the making of unwritten contracts on its behalf.
Clause 17 enables the Trust to appoint an agent to execute documents on its
behalf.
Clause 18 enables the Trust to certify that it holds property on trust for the
Church.
Clause 19 provides that if a person pays money to the Trust and obtains a receipt,
the person is not liable if the money is subsequently lost or misapplied.
Clause 20 removes the need for a person involved in a property dealing with the
Trust to inquire whether the Trust has power to deal with property. It protects the
person even if the person had notice that the Trust had no such power.
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Coptic Orthodox Church (NSW) Property Trust 1990
Clause 21 entitles members of the Trust and others to be indemnified out of trust
property against liability for certain things done by them in good faith concerning the
property.
Clause 22 provides for the service of legal documents on the Trust.
Clause 23 enables the Trust to make by-laws for the purposes of giving effect to
the proposed Act.
Clause 24 is a formal provision giving effect to the Schedule of savings and
transitional provisions.
SCHEDULE 1 -- SAVINGS AND TRANSITIONAL PROVISIONS
Schedule 1 provides that when property vests in the Trust pursuant to proposed
6, the rights and liabilities of the Company and other former trustees in
relation to the property will become the rights and liabilities of the Trust.
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