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Legislative Assembly for the ACT: 1996 Week 12 Hansard (21 November) . . Page.. 4269 ..

3.

legislation is to ensure the initial purpose of a bequest continues to be fulfilled.

Under current arrangements the Trust may only vary the objects of a gift or trust fund it operates by application to the Supreme Court. This Bill will enable the Trust to vary the terms and conditions of a trust fund or gift it operates where the Trust is satisfied it is not possible or reasonable to observe the objects of that trust.

Where possible, the objects of a trust are to be restated in a form as near as possible to the original objects of that trust. This is not always feasible where circumstances surrounding the bequest have changed. In such instances the legislation will enable the Trust to replace the objects of a trust.

The Bill will also allow the Trust to blend trust funds. The Trust will be able to invest money or proportions of money which it holds in trust for a particular purpose or activity as one fund. Any income or loss resulting from the investment will be distributed rateably among the various activities or purposes for which the money invested is held in trust.

Currently the Act requires two members of the Trust to execute instruments in addition to the Bishop. This has proved to be a cumbersome exercise. The Bill will remove this requirement by allowing the Bishop to execute instruments on behalf of the Trust.

Mr Speaker, this Bill clearly defines the objects of the Trust and enables it to operate in accordance with contemporary requirements. The legislation will enable the Trust to execute its administrative and management requirements in an expedient manner and will improve cross border operations through a greater level of consistency and efficiency.

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