New South Wales Consolidated Acts

UNIVERSITY OF WESTERN SYDNEY ACT 1997 - SECT 30

30 Variation of amount of prize

(1) If the terms of a trust provide for the award from time to time, out of the income from the trust property or its proceeds, of a prize for a fixed amount of money, the Board may request the Minister to effect a variation of the amount of the prize if in the opinion of the Board:

(a) the value of the amount the prize has been so affected by monetary inflation that it no longer reflects the intentions of the donor with respect to the value and significance of the prize, or

(b) the income of the trust property or its proceeds is insufficient to support the award of the prize or the continuation of the award of the prize.

(2) The Minister may, if satisfied that it is just and equitable to do so, determine to vary the amount of the prize in accordance with the Board’s request.

(3) On delivery to the Board of an instrument in writing signed by the Minister and specifying such a variation, the trust concerned is varied accordingly.