Victorian Consolidated Legislation

Melbourne College of Divinity Act 1910 - SECT 19A

Creation and administration of trust and other funds

19A. Creation and administration of trust and other funds



(1) The College-

   (a)  may acquire property by gift, grant, bequest or devise; and

   (b)  may agree to and carry out any conditions of any such gift, grant,
        bequest or devise.

(2) Subject to this Act, the Council may create and administer any trust fund
or funds for any other purpose whatsoever.

(3) The Council may establish one or more investment common funds for the
collective investment of any trust and other funds held by or in the custody
of the College.

(4) The Council, from time to time without liability for breach of trust, may
bring into or withdraw from any investment common fund the whole or any part
of any trust fund or other fund, despite any direction to the contrary,
whether express or implied, contained in the trust instrument.

(5) The Council must not bring into any investment common fund the whole or
any part of any trust fund if any of the securities in which the capital of
the investment common fund is invested are securities in which the trust fund
is not authorised to be invested.



(6) Subject to subsection (7), the Council must periodically distribute the
income of each investment common fund among the funds participating in the
common fund, having regard to the extent of the participation by each fund in
the common fund during the relevant accounting period.

(7) The Council, if it considers it expedient to do so, may from time to time
add some portion of the income of the common fund to the capital of the common
fund or use some part of the income to establish or augment a fund or funds as
a provision against capital depreciation or reduction of income.

(8) The Council may, out of the annual income of a trust fund in an investment
common fund, periodically deduct an amount not exceeding 5% of the annual
income of that trust fund as commission for the administration of that trust
fund.

(9) The commission deducted in accordance with subsection (8) is to be
received and accepted by the College as full payment to it for the costs of
administration of the trust fund.

(10) The College must not make any other charges on the trust fund in addition
to the commission received under subsection (9), except in accordance with the
trust deed.