Roman Catholic Trusts (Amendment) Act 2001 (Vic)

Roman Catholic Trusts (Amendment) Act 2001

Act No. 64/2001

TABLE OF PROVISIONS

Section Page

1.	Purpose	2
2.	Commencement	2
3.	New sections 13A and 13B inserted	2

13A.	Pooled investment of trust money	2
13B.	Variation of trusts	3

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ENDNOTES 6

i

Victoria

No. 64 of 2001

Roman Catholic Trusts (Amendment)

Act 2001†

[Assented to 23 October 2001]

Preamble

1. The Roman Catholic Trusts Act 1907 provides for the creation of corporate bodies of trustees in which property belonging to the Roman Catholic Church in Victoria may be vested.

2.  It is of benefit to the Roman Catholic Church and the wider community to allow for the pooled investment of trust money and the variation of express trusts where using trust property in conformity with those trusts is impossible or of no community benefit.

3. It is expedient to enact legislation for these purposes.

Roman Catholic Trusts (Amendment) Act 2001

s. 1 Act No. 64/2001

The Parliament of Victoria therefore enacts as follows:

1. Purpose

The purpose of this Act is to amend the Roman bodies that are trustees—

(a) to pool trust money for investment purposes;

(b) to vary trusts where the original trust is impossible to carry out or of no community benefit.

2. Commencement

This Act comes into operation on the day after the day on which it receives the Royal Assent.

3. New sections 13A and 13B inserted

See:

Act No.	After section 13 of the Roman Catholic Trusts
2100/1907	Act 1907 insert—
and
amending	'13A. Pooled investment of trust money
Act No.
18/1989.	(1) A corporate body constituted under this Act
LawToday:
may from time to time invest as one fund any
dpc.vic.	money held on trust by it for different
gov.au
purposes, or any part of that money.

(2) Income arising from the investment of the

fund must be distributed rateably among the
several purposes for which the money
invested is held on trust.

(3) Any loss arising from the investment of the

fund must be borne rateably among the
several purposes for which the money
invested is held on trust.

Roman Catholic Trusts (Amendment) Act 2001

Act No. 64/2001 s. 3

(4) Sub-section (1) is subject to any express

provision to the contrary in the terms of the

relevant trust.

13B. Variation of trusts

(1) If, after the creation of the trusts to which

any property vested in or held by a corporate
body constituted under this Act is for the
time being subject, it has, in the opinion of
the corporate body, become impossible or of
no community benefit to carry out or observe
those trusts, the corporate body may by
resolution declare other trusts to which the
property may be held, being trusts for the

charitable purposes of the Church.

(2) A resolution declaring other trusts causes the

replaced trusts to cease and determine and
the property that was subject to those trusts
to be held subject to the other trusts.

(3) The property must be dealt with as nearly as

may be possible for the purposes for which
the property was, immediately before the
resolution, held unless the corporate body by
resolution declares that because of
circumstances arising after the creation of
the replaced trusts it is, in the opinion of the
corporate body, impossible or of no
community benefit to deal with or apply the
property or some part of it for the same or
similar purposes.

(4) If a resolution is passed under sub-section

(3) in relation to property or some part of it, resolution of the corporate body.

the property or part may be dealt with and
applied for the charitable purposes of the

Roman Catholic Trusts (Amendment) Act 2001

s. 3 Act No. 64/2001

(5) A resolution cannot be passed under sub-

section (1) or (3) in respect of any particular

trust unless—

(a)	the corporate body has given written notice of the intention to pass the resolution to the person responsible for the trust; and
(b)	no objection has been received by the corporate body from that person within 30 days after the day on which the notice is given.

(6) Notice under sub-section (5)(a) must be

given to the person responsible for the

trust—

(a)	personally or by post, fax or e-mail to the person at the person's business or residential address; or
(b)	if the corporate body does not know the person's business or residential address or the person's identity—by publishing the notice in a newspaper generally

circulating in Victoria.

(7) Sub-section (5) does not apply if the

corporate body knows that the person
responsible for the trust is dead or, in the
case of a body corporate, no longer exists.

(8) This section applies to trusts created before or after the commencement of the Roman Catholic Trusts (Amendment) Act 2001.

(9) In sub-section (1), the reference to trusts that

have been created includes a reference to
trusts declared by a resolution passed under
this section.

Roman Catholic Trusts (Amendment) Act 2001

Act No. 64/2001 s. 3

(10) In this section—

"personal representative" has the same

meaning as in the Administration and

Probate Act 1958;

"person responsible" for a trust means—

(a)

in the case of a testamentary of the testator;

(b) in any other case—the settlor of the trust or, if the settlor is dead, the personal representative of the settlor.'.

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Roman Catholic Trusts (Amendment) Act 2001

Endnotes Act No. 64/2001

ENDNOTES

†

Minister's second reading speech—

Legislative Assembly: 19 September 2001

Legislative Council: 16 October 2001

The long title for the Bill for this Act was "to amend the Roman
Catholic Trusts Act 1907 with respect to the administration of trusts and
for other purposes."