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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Scotch College Common Funds Act 2001
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 2
1. Purpose 3
2. Commencement 3
3. Definitions 3
4. Application of Act 4
PART 2--COMMON FUNDS 5
5. Establishment of common funds 5
6. Appointment and removal of trustees 5
7. Bringing trust fund into, or removing trust fund from, common
fund 5
8. Income of common fund 5
9. Rules 6
ENDNOTES 7
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PARLIAMENT OF VICTORIA
Initiated in Assembly 28 November 2001 by Mr Doyle
A BILL
to enable Scotch College to establish investment common funds for
the collective investment of trust funds and for other purposes.
Scotch College Common Funds Act
2001
Preamble
1. There are in existence a large number of trust
funds for the benefit of Scotch College or
purposes connected with Scotch College.
2. Scotch College wishes to be able to provide for
the pooled investment of those trust funds to
minimise administrative costs and increase
investment income.
3. It is expedient to enact legislation for this purpose.
The Parliament of Victoria therefore enacts as follows:
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Scotch College Common Funds Act 2001
Act No.
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Scotch College Common Funds Act 2001
s. 1
Act No.
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to enable Scotch
College to establish investment common funds for
5 the collective investment of trust funds.
2. Commencement
This Act comes into operation on the day after the
day on which it receives the Royal Assent.
3. Definitions
10 In this Act--
"common fund" means an investment common
fund established under section 5;
"Scotch College" means Scotch College
ACN 005 650 395, a limited public company
15 allowed by licence to omit "Limited" from
its name;
"Scotch College Foundation" means Scotch
College Foundation, an association
incorporated under the Associations
20 Incorporation Act 1981;
"trust fund" means a fund held by any person
(including Scotch College, Gardiner Hill Pty
Ltd ACN 005 740 027 or the Scotch College
Foundation) on trust for, or for the benefit
25 of--
(a) Scotch College; or
(b) any person who is, was or is to be--
(i) a student of; or
30 (ii) a teacher (by whatever name
called) at; or
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Scotch College Common Funds Act 2001
s. 4
Act No.
(iii) an employee of--
Scotch College.
4. Application of Act
This Act applies to trust funds, whether created
5 before or after the commencement of this Act.
_______________
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Scotch College Common Funds Act 2001
s. 5
8
Act No.
PART 2--COMMON FUNDS
5. Establishment of common funds
Scotch College may establish one or more
investment common funds for the collective
5 investment of any trust funds.
6. Appointment and removal of trustees
(1) Scotch College may--
(a) act as trustee of; or
(b) appoint another person (including a person
10 related to, or associated with, Scotch College
in any way) to act as trustee of--
a common fund.
(2) At any time Scotch College may remove from
office a trustee appointed by it under sub-section
15 (1)(b) and appoint another trustee in place of the
removed trustee.
7. Bringing trust fund into, or removing trust fund from,
common fund
(1) Without liability for breach of trust, Scotch
20 College may bring the whole or any part of a trust
fund into a common fund or withdraw the whole
or any part of a trust fund from a common fund,
despite any direction to the contrary (whether
express or implied) contained in the trust
25 instrument.
(2) Scotch College must not bring into a common
fund the whole or any part of a trust fund if any of
the securities in which the capital of the common
fund is invested are securities in which the trust
30 fund is not authorised to be invested.
8. Income of common fund
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Scotch College Common Funds Act 2001
Act No.
(1) Subject to sub-section (2), Scotch College must
periodically distribute or allocate the income of a
common fund among the trust funds participating
in the common fund, having regard to the extent
5 of the participation by each trust fund in the
common fund during the relevant accounting
period.
(2) If it considers it expedient so to do, Scotch
College may use a portion of the income of a
10 common fund to add to the capital of the common
fund or establish or augment a fund or funds as a
provision against capital depreciation or reduction
of income.
9. Rules
15 Scotch College, together with any person
appointed as trustee of a common fund, may
jointly make rules, not inconsistent with this Act,
for or with respect to the establishment or
operation of that common fund.
20
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Scotch College Common Funds Act 2001
Endnotes
Act No.
ENDNOTES
By Authority. Government Printer for the State of Victoria.
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