Queensland Consolidated Acts Queensland Consolidated Acts(1) Moneys (whether invested or not) in or belonging to any fund raised for the benefit or relief of any person or class of persons, may be paid or transferred to the public trustee to be administered by the public trustee.
(2) The public trustee may recognise as a committee any persons whom the public trustee believes to have been appointed or authorised in that capacity by the contributors of a substantial part of the fund, and the public trustee may, if the public trustee thinks it reasonable to do so, accept the terms of the trust as declared by such committee.
(3) The public trustee, after conferring with such committee (if any) may apply to the court for directions as to the administration of the fund, including the terms of the trusts thereof, and for that purpose may submit a scheme.
(4) The court may approve the scheme with or without modifications as the court thinks fit, or otherwise give directions as to the trusts upon which the fund shall be held and administered.
(5) The public trustee may settle a scheme of administration if--
(a) where there is a committee--the majority of the members thereof consent and the fund does not exceed $75000; or
(b) where there is no committee--the fund does not exceed $40000.
(5A) The scheme so settled may be incorporated in a declaration of trust by the public trustee, who, for the purpose of such trust instrument, shall be deemed to be the settlor of such trust.
(5B) Subject to subsections (5D) to (6) every statement or recital in any such trust instrument shall be sufficient evidence of the truth thereof and the provisions of such declaration of trust shall be final and binding on all persons whether beneficially interested thereunder or otherwise.
(5C) The public trustee may modify such scheme if the public trustee thinks fit to do so at any time, but, if there are then, to the public trustee's knowledge, surviving members of the committee in Queensland, only with the consent of a majority of such members and, upon any such modification being made, the declaration of trust shall be amended accordingly.
(5D) The public trustee may revoke any such trust instrument if the public trustee is satisfied that the scheme incorporated therein is affected by fraud, mistake, or misrepresentation by, or by any member of, the committee or by any agent, servant, or representative of the committee or of any member thereof and upon such revocation may settle another scheme of administration in respect of the fund in question and incorporate such scheme in a declaration of trust.
(5E) However, on the application of the committee, the court may review any action of the public trustee pursuant to subsection (5D) and may make such order as it considers desirable in the circumstances.
(6) On the application of the public trustee, or of the Attorney-General on the relation of any person appearing to have a reasonable interest in the manner in which the fund is applied or administered, the court may, at any time, vary the scheme or give directions on any point or question relating to the scheme or the fund.