Scotch College Common Funds Act 2001 (Vic)

Version No. 003

Scotch College Common Funds Act 2001

No. 95 of 2001

Version incorporating amendments as at

26 November 2012

TABLE OF PROVISIONS

Section  Page

PART 1—PRELIMINARY

1Purpose

2Commencement

3Definitions

4Application of Act

PART 2—COMMON FUNDS

5Establishment of common funds

6Appointment and removal of trustees

7Bringing trust fund into, or removing trust fund from, common fund

8Income of common fund

9Rules

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ENDNOTES

1.  General Information

2.  Table of Amendments

3.  Explanatory Details

Version No. 003

Scotch College Common Funds Act 2001

No. 95 of 2001

Version incorporating amendments as at

26 November 2012

Preamble

1There are in existence a large number of trust funds for the benefit of Scotch College or purposes connected with Scotch College.

2Scotch College wishes to be able to provide for the pooled investment of those trust funds to minimise administrative costs and increase investment income.

3It is expedient to enact legislation for this purpose.

The Parliament of Victoria therefore enacts as follows:

PART 1—PRELIMINARY

1Purpose

The purpose of this Act is to enable Scotch College to establish investment common funds for the collective investment of trust funds.

2Commencement

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

3Definitions

In this Act—

common fund means an investment common fund established under section 5;

Scotch College means Scotch College ACN 005 650 395, a limited public company allowed by licence to omit "Limited" from its name;

Scotch College Foundation means Scotch College Foundation, an association incorporated under the Associations Incorporation Reform Act 2012;

trust fund means a fund held by any person (including Scotch College, Gardiner Hill Pty Ltd ACN 005 740 027 or the Scotch College Foundation) on trust for, or for the benefit of—

(a)Scotch College; or

(b)any person who is, was or is to be—

(i)a student of; or

(ii)a teacher (by whatever name called) at; or

(iii)an employee of—

Scotch College.

4Application of Act

This Act applies to trust funds, whether created before or after the commencement of this Act.

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PART 2—COMMON FUNDS

5Establishment of common funds

Scotch College may establish one or more investment common funds for the collective investment of any trust funds.

6Appointment and removal of trustees

(1)Scotch College may—

(a)act as trustee of; or

(b)appoint another person (including a person related to, or associated with, Scotch College in any way) to act as trustee of—

a common fund.

(2)At any time Scotch College may remove from office a trustee appointed by it under sub‑section (1)(b) and appoint another trustee in place of the removed trustee.

7Bringing trust fund into, or removing trust fund from, common fund

(1)Without liability for breach of trust, Scotch College may bring the whole or any part of a trust fund into a common fund or withdraw the whole or any part of a trust fund from a common fund, despite any direction to the contrary (whether express or implied) contained in the trust instrument.

(2)Scotch College must not bring into a common fund the whole or any part of a trust fund if any of the securities in which the capital of the common fund is invested are securities in which the trust fund is not authorised to be invested.

8Income of common fund

(1)Subject to sub-section (2), Scotch College must periodically distribute or allocate the income of a common fund among the trust funds participating in the common fund, having regard to the extent of the participation by each trust fund in the common fund during the relevant accounting period.

(2)If it considers it expedient so to do, Scotch College may use a portion of the income of a common fund to add to the capital of the common fund or establish or augment a fund or funds as a provision against capital depreciation or reduction of income.

9Rules

Scotch College, together with any person appointed as trustee of a common fund, may jointly make rules, not inconsistent with this Act, for or with respect to the establishment or operation of that common fund.

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ENDNOTES

1.     General Information

Second reading speech—

Legislative Assembly: 28 November 2001

Legislative Council: 5 December 2001

The long title for the Bill for this Act was "A Bill to enable Scotch College to establish investment common funds for the collective investment of trust funds and for other purposes."

The Scotch College Common Funds Act 2001 was assented to on 18 December 2001 and came into operation on 19 December 2001: section 2.

2.     Table of Amendments

This Version incorporates amendments made to the Scotch College Common Funds Act 2001 by Acts and subordinate instruments.

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Associations Incorporation Reform Act 2012, No. 20/2012

Assent Date:	1.5.12
Commencement Date:	S. 226(Sch. 5 item  22) on 26.11.12: Special Gazette (No. 384) 20.11.12 p. 1
Current State:	This information relates only to the provision/s amending the Scotch College Common Funds Act 2001

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3.     Explanatory Details

No entries at date of publication.