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PARLIAMENT OF VICTORIA
Roman Catholic Trusts (Amendment) Act 2001
Act No.
TABLE OF PROVISIONS
Clause Page
1. Purpose 2
2. Commencement 2
3. New sections 13A and 13B inserted 2
13A. Pooled investment of trust money 2
13B. Variation of trusts 3
ENDNOTES 6
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541209B.I1-20/9/2001 BILL LA CIRCULATION 20/9/2001
PARLIAMENT OF VICTORIA
Initiated in Assembly 19 September 2001
A BILL
to amend the Roman Catholic Trusts Act 1907 with respect to the
administration of trusts and for other purposes.
Roman Catholic Trusts (Amendment)
Act 2001
Preamble
1. The Roman Catholic Trusts Act 1907 provides for
the creation of corporate bodies of trustees in which
property belonging to the Roman Catholic Church in
Victoria may be vested.
2. It is of benefit to the Roman Catholic Church and the
wider community to allow for the pooled investment of
trust money and the variation of express trusts where
using trust property in conformity with those trusts is
impossible or of no community benefit.
3. It is expedient to enact legislation for these purposes.
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s. 1
The Parliament of Victoria therefore enacts as follows:
1. Purpose
The purpose of this Act is to amend the Roman
Catholic Trusts Act 1907 to allow corporate
bodies that are trustees--
5 (a) to pool trust money for investment purposes;
(b) to vary trusts where the original trust is
impossible to carry out or of no community
benefit.
2. Commencement
10 This Act comes into operation on the day after the
day on which it receives the Royal Assent.
3. New sections 13A and 13B inserted
See:
After section 13 of the Roman Catholic Trusts Act No.
Act 1907 insert-- 2100/1907
and
15 '13A. Pooled investment of trust money amending
Act No.
(1) A corporate body constituted under this Act 18/1989.
LawToday:
may from time to time invest as one fund any www.dms.
money held on trust by it for different dpc.vic.
gov.au
purposes, or any part of that money.
20 (2) Income arising from the investment of the
fund must be distributed rateably among the
several purposes for which the money
invested is held on trust.
(3) Any loss arising from the investment of the
25 fund must be borne rateably among the
several purposes for which the money
invested is held on trust.
(4) Sub-section (1) is subject to any express
provision to the contrary in the terms of the
30 relevant trust.
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Roman Catholic Trusts (Amendment) Act 2001
s. 3
Act No.
13B. Variation of trusts
(1) If, after the creation of the trusts to which
any property vested in or held by a corporate
body constituted under this Act is for the
5 time being subject, it has, in the opinion of
the corporate body, become impossible or of
no community benefit to carry out or observe
those trusts, the corporate body may by
resolution declare other trusts to which the
10 property may be held, being trusts for the
charitable purposes of the Church.
(2) A resolution declaring other trusts causes the
replaced trusts to cease and determine and
the property that was subject to those trusts
15 to be held subject to the other trusts.
(3) The property must be dealt with as nearly as
may be possible for the purposes for which
the property was, immediately before the
resolution, held unless the corporate body by
20 resolution declares that because of
circumstances arising after the creation of
the replaced trusts it is, in the opinion of the
corporate body, impossible or of no
community benefit to deal with or apply the
25 property or some part of it for the same or
similar purposes.
(4) If a resolution is passed under sub-section
(3) in relation to property or some part of it,
the property or part may be dealt with and
30 applied for the charitable purposes of the
Church subject to the trusts declared by
resolution of the corporate body.
(5) A resolution cannot be passed under sub-
section (1) or (3) in respect of any particular
35 trust unless--
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Roman Catholic Trusts (Amendment) Act 2001
s. 3
Act No.
(a) the corporate body has given written
notice of the intention to pass the
resolution to the person responsible for
the trust; and
5 (b) no objection has been received by the
corporate body from that person within
30 days after the day on which the
notice is given.
(6) Notice under sub-section (5)(a) must be
10 given to the person responsible for the
trust--
(a) personally or by post, fax or e-mail to
the person at the person's business or
residential address; or
15 (b) if the corporate body does not know the
person's business or residential address
or the person's identity--by publishing
the notice in a newspaper generally
circulating in Victoria.
20 (7) Sub-section (5) does not apply if the
corporate body knows that the person
responsible for the trust is dead or, in the
case of a body corporate, no longer exists.
(8) This section applies to trusts created before
25 or after the commencement of the Roman
Catholic Trusts (Amendment) Act 2001.
(9) In sub-section (1), the reference to trusts that
have been created includes a reference to
trusts declared by a resolution passed under
30 this section.
(10) In this section--
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Roman Catholic Trusts (Amendment) Act 2001
s. 3
Act No.
"personal representative" has the same
meaning as in the Administration and
Probate Act 1958;
"person responsible" for a trust means--
5 (a) in the case of a testamentary
trust--the personal representative
of the testator;
(b) in any other case--the settlor of
the trust or, if the settlor is dead,
10 the personal representative of the
settlor.'.
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Roman Catholic Trusts (Amendment) Act 2001
Endnotes
Act No.
ENDNOTES
By Authority. Government Printer for the State of Victoria.
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