NATIONAL TRUST OF AUSTRALIA (NEW SOUTH WALES) ACT 1990 - SECT 17
Property transactions and variations of trusts to improve ability of Trust to carry out its objects
NATIONAL TRUST OF AUSTRALIA (NEW SOUTH WALES) ACT 1990 - SECT 17
Property transactions and variations of trusts to improve ability of Trust to carry out its objects
(1) If the Board determines by special resolution that it is necessary or
expedient to do so to improve the ability of the Trust to carry into effect or
promote its objects generally, the Trust may apply to the appropriate
authority for:
(a) permission to effect a particular property transaction in
relation to specified property vested in the Trust, despite the terms of any
trust or condition affecting the property, or
(b) a variation of the terms of
any trust or condition affecting particular property vested in the Trust.
(2)
The appropriate authority is:
(a) the Attorney General, in respect of property
that the Board is satisfied on reasonable grounds is worth less than $500,000,
or
(b) the Supreme Court, in respect of any other property.
(3) The Attorney
General may decline to deal with an application, in which case the Supreme
Court is the appropriate authority for the application.
(4) The appropriate
authority may grant an application under this section only if satisfied that
the proposed action is just and equitable, taking into account:
(a) the
Trust's ability to carry into effect or promote its objects generally, having
regard to its current and prospective financial position, and
(b) any evident
intentions of the settlor or donor in creating the trust or imposing the
condition.
(5) On the granting of an application under this section, the
Trust is authorised to effect the property transaction concerned (despite the
terms of any trust or condition affecting the property), or the variation of
the terms of the trust or condition concerned takes effect.
