Victorian Consolidated Legislation

Aboriginal Lands Act 1970 - SECT 12

Provisions concerning shares in Trusts

12. Provisions concerning shares in Trusts



(1) The undertaking of a Trust shall be divided into shares.

(2) On the appointed day, each of the first members of a Trust not being an
infant shall be entitled to one thousand shares, and each of the first members
of a Trust being an infant shall be entitled to five hundred shares, and the
total number of shares in each Trust shall be determined accordingly.

(3) A share in a Trust shall be personal property, and shall be transferable
in accordance with this Act.

(4) A general meeting of a Trust may at any time resolve that the total number
of shares in the Trust be amended to a specified number and the number of
shares held by each member be correspondingly amended so as to represent the
same proportion of the total number of shares as he held before the amendment.

(5) A resolution made under subsection (4) shall take effect on its being
passed, and the Trust shall immediately amend the register of members
accordingly.

(6) A Trust shall immediately after its incorporation establish a register of
members, showing the name and address of, and the extent of the shares held
by, each member of the Trust.

(7) Only those persons whose names appear from time to time in the register of
members as the owners of any shares shall be members of a Trust.

(8) The Trust may, at the request of any member, issue to him a certificate
under seal showing the number of shares held by him at the date of issue of
the certificate, and any such certificate shall be prima facie evidence of
title at the date of its issue.

(9) No member of a Trust shall, by virtue of holding a share in the Trust,
have any personal liability whatsoever (whether to the Trust or any other
person) in respect of any debts or liabilities of or claims made upon the
Trust or any amount by which at any time the assets of the Trust fall short of
its liabilities or otherwise.