John Storey Memorial Fund Act 1960 (Vic)

Version No. 001

John Storey Memorial Fund Act 1960

Act No. 6648/1960

Version incorporating amendments as at 7 August 2000

TABLE OF PROVISIONS

Section  Page

1.Short title

2.Power to trustees to transfer trust funds to The Federal Council of the Australian Institute of Management

3.John Storey Memorial Fund

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ENDNOTES

1.  General Information

2.  Table of Amendments

3.  Explanatory Details

Version No. 001

John Storey Memorial Fund Act 1960

Act No. 6648/1960

Version incorporating amendments as at 7 August 2000

An Act relating to certain Trusts created by the Will of the late Sir John Storey providing for the Establishment of The John Storey Memorial Fund, and for other purposes.

Preamble

WHEREAS Sir John Storey died on the third day of July, One thousand nine hundred and fifty-five having by his Will dated the ninth day of May One thousand nine hundred and fifty-five inter alia provided as follows:

"I hereby bequeath out of the remaining part if any of my shares in National Securities Pty. Ltd. unto the Federal Council of the Australian Institute of Management the sum of £100 000 which shall be applied by the said Federal Council in the establishment of a fund to be called 'The John Storey Memorial Fund' and shall be applied at the discretion of the said Federal Council in the advancement of public education in the field of management training and efficiency."

AND WHEREAS the said Federal Council of the Australian Institute of Management was an unincorporated body constituted under an agreement made between The Australian Institute of Management—Sydney Division, The Australian Institute of Management—Melbourne Division, The Australian Institute of Management—Adelaide Division, The Australian Institute of Management—Newcastle Division, The Australian Institute of Management—Brisbane Division (hereinafter called the "Divisions"):

AND WHEREAS the said Federal Council and the said Divisions resolved to establish the John Storey Memorial Fund in accordance with the terms of the said Will:

AND WHEREAS the executors of the Will of the late Sir John Storey agreed to pay the said sum of One hundred thousand pounds to the said Divisions:

AND WHEREAS the said Federal Council of the Australian Institute of Management and the said Divisions under a deed of trust made the twenty-fifth day of August One thousand nine hundred and fifty-eight agreed that the said sum of One hundred thousand pounds should be paid to and held by Walter William Killough, Alwyn Bowman Barker, Malcolm Stewart Moore, and Walter Scott as trustees upon the trust of the said Will and in accordance with the provisions of the said Will:

AND WHEREAS the said sum was duly paid to the said trustees:

AND WHEREAS the said Divisions have agreed to reconstitute the Federal Council of the Australian Institute of Management as a company under the Companies Act 1958:

AND WHEREAS a company under the name of "The Federal Council of the Australian Institute of Management" is to be formed and incorporated under the said Companies Act 1958:

AND WHEREAS the said Divisions and the said trustees are desirous of having all investments and monies at present held by the said trustees as the John Storey Memorial Fund transferred and paid to the said company to be held upon the trusts of the said Will:

AND WHEREAS doubts have arisen as to the power of the Trustees to transfer and pay the said investments and monies to the said company:

BE IT THEREFORE ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):

1.Short title

This Act may be cited as the John Storey Memorial Fund Act 1960.

2.Power to trustees to transfer trust funds to The Federal Council of the Australian Institute of Management

The hereinbefore recited trustees are hereby authorized and required to pay and transfer all moneys and investments held by them on account of the John Storey Memorial Fund Act to the said company as soon as practicable after its incorporation.

3.John Storey Memorial Fund

The said company is hereby authorized and required to hold all investments transferred and moneys paid to it pursuant to this Act in a fund to be called "The John Storey Memorial Fund" upon trust to apply the said fund at the discretion of the said company in the advancement of public education in the field of management training and efficiency.

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ENDNOTES

1.     General Information

The John Storey Memorial Fund Act 1960 was assented to on 15 June 1960 and came into operation on 15 June 1960.

2.     Table of Amendments

This Version incorporates amendments made to the John Storey Memorial Fund Act 1960 by Acts and subordinate instruments.

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Statute Law Revision Act 1961, No. 6759/1961

Assent Date:	26.4.61
Commencement Date:	26.4.61
Current State:	All of Act in operation

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3.     Explanatory Details

No entries at date of publication.