Educational Memorial Funds Disposal Act 1973 (Qld)

661 ANNO VICESIMO SECUNDO ELIZABETHAE S CU A N o . 7 5 the disposal The Educafl( Act of 1963 undo )rial repeal that [ASSENTED TO 19TH DECEMBER, 1973] Pream ble, Whereas the examination, called the Junior Public Examination of the Department of Education in The Educational Memorial Funds Declaration Act of 1963 (hereafter in this preamble referred to as the Act), was held for the last time in the year 1970 and is now abolished as a public examination; And whereas the examination, called the Senior Public Examination of the University of Queensland in the Act, was held for the last time in the year 1972 and is now abolished as a public examination; And whereas by reason of the abolition of the examination called the Senior Public Examination of the University of Queensland in the Act it will not be possible to conduct the Open Scholarship Competition held in conjunction with that examination in the manner in which it has heretofore been conducted;

662 Educational Memorial Funds Disposal Act 1973, No. 75 And whereas by reason of the matters hereinbefore in this preamble set forth it has become impossible to apply the income arising from the Bursary Fund or the Trust Funds referred to in the Act to purposes prescribed by the Act with respect thereto. BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title. This Act may be cited as the Educational Memorial Funds Disposal Act 1973. 2. Commencement . The several provisions of this Act shall come into operation on a date or dates appointed by Proclamation in respect of the provisions specified therein. 3. Interpretation . In this Act, unless a contrary intention appears- bursary fund " means the funds held and applied by the -trustee immediately before the commencement of section 7 upon the trusts declared with respect to the Bursary Fund by section 2 of The Educational Memorial Funds Declaration Act of 1963 together with all accumulations thereto and the investments for the time being representing the same; scholarship fund" means the fund called The Sir Charles Lilley Scholarship Fund together with all accumulations thereto and the investments for the time being representing the same; " trustee " means The Public Curator of Queensland; " trust fund " means each of the funds called respectively The Honourable T. J. Ryan Memorial Fund. and The Robert Funnell Memorial Fund together with all accumulations thereto and the investments for the time being representing either of those funds; 4. Termination of trusts. (1) Upon the commencement of section 5 the trust fund shall be discharged from the trusts that theretofore affected it and shall be disposed of in accordance with this Act. (2) Upon the commencement of section 6 the scholarship fund shall be discharged from the trusts that theretofore affected it and shall be disposed of in accordance with this Act. (3) Upon the commencement of section 7 the bursary fund shall be discharged from the trusts that theretofore affected it and shall be held and applied in accordance with this Act. 5. Trustee's obligation re trust fund . As soon as practicable after the commencement of this section the trustee- (a) shall pay to the Treasurer of Queensland the moneys comprising the trust fund at the date of payment together with all income arising therefrom to the date of payment; (b) shall transfer to the Treasurer of Queensland the investments representing the trust fund at the date of transfer together with the entitlement to income arising therefrom to the date of transfer.

Educational Memorial Funds Disposal Act 1973. No. 75 663 6. Trustee ' s obligation re scholarship fund. As soon as practicable after the commencement of this section the trustee- (a) shall pay to the Treasurer of Queensland the moneys comprising the scholarship fund at the date of payment together with all income arising therefrom to the date of payment: (b) shall transfer to the Treasurer of Queensland the investments representing the scholarship fund at the date of transfer together with the entitlement to income arising therefrom to the date of transfer. 7. Trustee' s obligation re bursary fund. (1) This section shall be read as one with the provisions of- (a) the indenture bearing date 5 October 1939 between The Honourable William Forgan Smith LL.D. of the one part and The Public Curator of Queensland of the other part. as varied from time to time whether before or after the commencement of this Act; and (b) the indenture bearing date 6 June 1940 between The Honourable William Forgan Smith LL.D. of the one part and The Public Curator of Queensland of the other part, as varied from time to time whether before or after the commencement of this Act. but to the extent that this section and any provision of either of those indentures are inconsistent this section shall prevail and that provision shall be inoperative. (2) The trustee shall hold the bursary fund and, in each year, shall pay the income arising therefrom to the Director-General of Education. The trustee shall pay to the Director-General of Education all moneys (being income arising from the bursary fund) that are in his hands at the commencement of this section and that have not been capitalized as part of that fund at such commencement. (3) The receipt of the Director-General of Education or of any person authorized to receive money on his behalf shall be a full and sufficient discharge to the trustee for money paid to the Director-General of Education under subsection (2) and the trustee shall, upon each such payment, be freed and discharged from obligation to see to the proper application of the money so paid. 8. Director-General ' s obligation re income from bursary fund. As soon as practicable after the payment to him in each year of the income arising from the bursary or. as the case may be, the payment to him of the other moneys referred to in section 7 (2) the Director-General of Education shall cause the same to. be applied (whether in the year in which such payment is made or subsequently) towards the general educational purposes of the library maintained for the Sugar School within the Mackay Technical College established in the State at Mackay. 9. Treasurer's obligation re property received. The Treasurer of Queensland- (a) in the case of moneys paid to him, pursuant to section 5 or 6. shall cause the same to be paid forthwith to the Consolidated Revenue Fund of Queensland;

664 Educational Memorial Funds Disposal Act 1973, No. 75 (b) in the case of investments transferred to him pursuant to section 5 or 6, shall either- (i) hold the same until they mature and in the meantime cause all income arising therefrom to be paid to the Consolidated Revenue Fund of Queensland;. or (ii) convert the same into money, at his discretion , and upon the maturity or conversion of the investments (whichever event first occurs ), shall cause the moneys thereby realised together with all income arising from the investments to the date of maturity or conversion to be paid to the Consolidated Revenue Fund of. Queensland. 10. Trustee not liable for non - performance . Action, suit or proceeding shall not lie against the trustee on account of non-performance of a trust subject to which any fund is or was, at the material time , held by him under The Educational Memorial Funds Declaration Act of 1963 if performance of the trust is or was, at the material time, impossible by reason of the matters set forth in the preamble to this Act. 11. Repeal. Upon the commencement of all of the provisions of this Act The Educational Memorial Funds Declaration Act of 1963 is repealed.