BIODIVERSITY CONSERVATION ACT 2016 - SECT 10.19 Distribution of outstanding property of Public Fund on dissolution of Trust

BIODIVERSITY CONSERVATION ACT 2016 - SECT 10.19

10.19 Distribution of outstanding property of Public Fund on dissolution of Trust

(1) On the dissolution of the Trust, any outstanding property held in the Biodiversity Conservation Trust Public Fund after the Trust is dissolved is to be transferred to a tax exempt fund determined by the Minister that is maintained for a similar purpose to the principal purpose of the Trust.

(2) A
"tax exempt fund" is a fund that is on the register of environmental organisations kept under Subdivision 30-E of the Income Tax Assessment Act 1997 of the Commonwealth.

(3) Preference is to be given to a tax exempt fund that is used for the protection of biodiversity in New South Wales.