New South Wales Consolidated Acts

TECHNICAL EDUCATION TRUST FUNDS ACT 1967 - SECT 6C

6C Fund vests in remaining Statutory Trustees or Director-General

(1) If a person ceases to be a Statutory Trustee by virtue of section 6A (1), and no other person holds the relevant office specified in relation to a Fund, the Fund vests, without any conveyance or other assurance:

(a) in the remaining Statutory Trustee (if there is only one), or

(b) in the remaining Statutory Trustees of the Fund as joint tenants.

(2) If all of the persons appointed as Statutory Trustees of a Fund cease to be Statutory Trustees of the Fund by virtue of section 6A (1), and all of the relevant offices specified in relation to that Fund are vacant, the Fund vests, without any conveyance or other assurance, in the person who holds the office of the Director-General of the Department of Education and Training.

(3) The person who holds the office of the Director-General of the Department of Education and Training is taken to be a Statutory Trustee of any Fund that vests in that person by virtue of subsection (2), but ceases to be such a Statutory Trustee if:

(a) an order is made under section 6 in relation to that Fund, or

(b) a person assumes an office specified in relation to that Fund.