{"id":"john-storey-memorial-fund-act-1960","name":"John Storey Memorial Fund Act 1960","slug":"john-storey-memorial-fund-act-1960","collection":"act","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":173286,"registerId":"vic-john-storey-memorial-fund-act-1960-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"John Storey Memorial Fund Act 1960","content":"Victorian Legislation and Parliamentary Documentsi\nVersion No. 001\nJohn Storey Memorial Fund Act 1960\nAct No. 6648/1960\nVersion incorporating amendments as at 7 August 2000\nTABLE OF PROVISIONS\nSection Page\n1. Short title 3\n2. Power to trustees to transfer trust funds to The Federal Council of\nthe Australian Institute of Management 3\n3. John Storey Memorial Fund 3\n═══════════════\nENDNOTES 4\n1. General Information 4\n2. Table of Amendments 5\n3. Explanatory Details 6\n\nVictorian Legislation and Parliamentary Documents1\nVersion No. 001\nJohn Storey Memorial Fund Act 1960\nAct No. 6648/1960\nVersion incorporating amendments as at 7 August 2000\nAn Act relating to certain Trusts created by the Will of the late\nSir John Storey providing for the Establishment of The John\nStorey Memorial Fund, and for other purposes.\nPreamble\nWHEREAS Sir John Storey died on the third day\nof July, One thousand nine hundred and fifty-five\nhaving by his Will dated the ninth day of May One\nthousand nine hundred and fifty-five inter alia\nprovided as follows:\n\"I hereby bequeath out of the remaining part if\nany of my shares in National Securities Pty.\nLtd. unto the Federal Council of the Australian\nInstitute of Management the sum of £100 000\nwhich shall be applied by the said Federal\nCouncil in the establishment of a fund to be\ncalled 'The John Storey Memorial Fund' and\nshall be applied at the discretion of the said\nFederal Council in the advancement of public\neducation in the field of management training\nand efficiency.\"\nAND WHEREAS the said Federal Council of the\nAustralian Institute of Management was an\nunincorporated body constituted under an\nagreement made between The Australian Institute\nof Management—Sydney Division, The Australian\nInstitute of Management—Melbourne Division,\nThe Australian Institute of Management—\nAdelaide Division, The Australian Institute of\nManagement—Newcastle Division, The Australian\nInstitute of Management—Brisbane Division\n(hereinafter called the \"Divisions\"):\n\nVictorian Legislation and Parliamentary DocumentsAct No. 6648/1960\nJohn Storey Memorial Fund Act 1960\n2\nAND WHEREAS the said Federal Council and the\nsaid Divisions resolved to establish the John Storey\nMemorial Fund in accordance with the terms of the\nsaid Will:\nAND WHEREAS the executors of the Will of the\nlate Sir John Storey agreed to pay the said sum of\nOne hundred thousand pounds to the said\nDivisions:\nAND WHEREAS the said Federal Council of the\nAustralian Institute of Management and the said\nDivisions under a deed of trust made the twenty-\nfifth day of August One thousand nine hundred and\nfifty-eight agreed that the said sum of One hundred\nthousand pounds should be paid to and held by\nWalter William Killough, Alwyn Bowman Barker,\nMalcolm Stewart Moore, and Walter Scott as\ntrustees upon the trust of the said Will and in\naccordance with the provisions of the said Will:\nAND WHEREAS the said sum was duly paid to\nthe said trustees:\nAND WHEREAS the said Divisions have agreed\nto reconstitute the Federal Council of the\nAustralian Institute of Management as a company\nunder the Companies Act 1958:\nAND WHEREAS a company under the name of\n\"The Federal Council of the Australian Institute of\nManagement\" is to be formed and incorporated\nunder the said Companies Act 1958:\nAND WHEREAS the said Divisions and the said\ntrustees are desirous of having all investments and\nmonies at present held by the said trustees as the\nJohn Storey Memorial Fund transferred and paid to\nthe said company to be held upon the trusts of the\nsaid Will:\nAND WHEREAS doubts have arisen as to the\npower of the Trustees to transfer and pay the said\ninvestments and monies to the said company:\nPreamble\nPreamble\namended by\nNo. 6759 s. 2.\nPreamble\namended by\nNo. 6759 s. 2.\n\nVictorian Legislation and Parliamentary DocumentsAct No. 6648/1960\nJohn Storey Memorial Fund Act 1960\n3\nBE IT THEREFORE ENACTED by the Queen's Most\nExcellent Majesty by and with the advice and consent of the\nLegislative Council and the Legislative Assembly of Victoria\nin this present Parliament assembled and by the authority of\nthe same as follows (that is to say):\n1. Short title\nThis Act may be cited as the John Storey\nMemorial Fund Act 1960.\n2. Power to trustees to transfer trust funds to The\nFederal Council of the Australian Institute of\nManagement\nThe hereinbefore recited trustees are hereby\nauthorized and required to pay and transfer all\nmoneys and investments held by them on account\nof the John Storey Memorial Fund Act to the said\ncompany as soon as practicable after its\nincorporation.\n3. John Storey Memorial Fund\nThe said company is hereby authorized and\nrequired to hold all investments transferred and\nmoneys paid to it pursuant to this Act in a fund to\nbe called \"The John Storey Memorial Fund\" upon\ntrust to apply the said fund at the discretion of the\nsaid company in the advancement of public\neducation in the field of management training and\nefficiency.\n═══════════════\ns. 1\nS. 2\namended by\nNo. 6759 s. 2.\nS. 3\namended by\nNo. 6759 s. 2.\n\nVictorian Legislation and Parliamentary DocumentsAct No. 6648/1960\nJohn Storey Memorial Fund Act 1960\n4\nENDNOTES\n1. General Information\nThe John Storey Memorial Fund Act 1960 was assented to on 15 June\n1960 and came into operation on 15 June 1960.\nEndnotes\n\nVictorian Legislation and Parliamentary DocumentsAct No. 6648/1960\nJohn Storey Memorial Fund Act 1960\n5\n2. Table of Amendments\nThis Version incorporates amendments made to the John Storey Memorial\nFund Act 1960 by Acts and subordinate instruments.\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\nStatute Law Revision Act 1961, No. 6759/1961\nAssent Date: 26.4.61\nCommencement Date: 26.4.61\nCurrent State: All of Act in operation\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\nEndnotes\n\nVictorian Legislation and Parliamentary DocumentsAct No. 6648/1960\nJohn Storey Memorial Fund Act 1960\n6\n3. Explanatory Details\nNo entries at date of publication.\nEndnotes","sortOrder":0}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The legislation has remained tightly focused on its original purpose. The only amendment (Statute Law Revision Act 1961) appears to be technical tidying of the preamble and sections 2-3, not a substantive expansion of scope. The Act still does exactly what it was designed to do: enable the transfer of Sir John Storey's bequest to an incorporated body and ensure the fund is used for its intended educational purpose."},"complexity_factors":["Only 3 operative sections (plus preamble)","No defined terms section","No cross-references to other legislation (except incidental reference to Companies Act 1958 in preamble)","Simple linear structure: short title, transfer power, fund establishment","No conditional logic, exceptions, or nested provisions","Single purpose legislation with straightforward command language ('are hereby authorized and required')","Preamble is lengthy but purely narrative/historical, not creating legal complexity"],"plain_english_summary":"**What this law does:**\n\nThis is a short Victorian law from 1960 that solves a very specific legal problem about a charitable bequest (a gift made in a will).\n\n**The backstory:**\n- Sir John Storey died in 1955 and left £100,000 in his will to establish \"The John Storey Memorial Fund\"\n- The money was meant to advance public education in management training\n- The original recipient was the \"Federal Council of the Australian Institute of Management\" — but this was just an unincorporated association (a loose group without legal personality), not a proper legal entity that could own property\n- To fix this, the various state divisions of the Australian Institute of Management set up four individual people as trustees to hold the money\n- Later, the Federal Council decided to incorporate as a company (giving it legal status as a proper entity)\n- **The problem:** The trustees weren't sure if they legally had the power to transfer the money from themselves to this new company\n\n**What the law does:**\n- **Section 2:** Explicitly gives the trustees the power (and requires them) to hand over all the money and investments to the newly incorporated company\n- **Section 3:** Requires the company to hold the money in a fund called \"The John Storey Memorial Fund\" and use it exactly as Sir John Storey's will specified — for management training and efficiency education\n\n**Who it affects:**\n- The four original trustees (who could now legally transfer the assets)\n- The newly incorporated Federal Council of the Australian Institute of Management (which could now legally receive and manage the fund)\n- Ultimately, people receiving management education funded by the bequest\n\n**Why it matters:**\nWithout this law, the trustees might have been stuck holding the money indefinitely, unable to transfer it to the proper organisation. It's a classic example of \"machinery legislation\" — a technical fix to enable a charitable gift to work as intended when the original legal structure didn't quite fit."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act does not change the charitable purpose set out in Sir John Storey’s will. It simply authorises and requires trustees to transfer the trust’s assets to a corporate entity and mandates that the company hold and apply those assets for the same purpose (advancement of public education in management training and efficiency). The primary change is procedural (who holds and administers the fund), not substantive as to beneficiaries or permitted uses."},"complexity_factors":["Narrow, single-purpose statute: short text with only two operative sections reduces procedural complexity.","Interacts with trust and company law: statutory authorisation changes the vehicle holding the trust assets, implicating trust-handling and corporate-capacity issues.","Broad discretionary power to the company (s.3): the company may apply the fund “at the discretion” of the company, which raises questions about fiduciary limits and accountability.","Mandatory transfer timing: trustees are required to pay and transfer funds “as soon as practicable” (s.2), creating an operational obligation but no detailed procedure.","Limited oversight or enforcement detail: the Act does not set reporting, auditing, or beneficiary-enforcement mechanisms for the company’s exercise of discretion.","Preamble records prior doubts about trustee power and a specific factual history, which the Act resolves by statutory authorisation (preamble & s.2).","Amendment history minimal (Statute Law Revision Act 1961): few subsequent changes reduce interpretive complexity."],"plain_english_summary":"This Act authorises the named trustees to transfer all moneys and investments of the John Storey Memorial Fund to a newly incorporated company, The Federal Council of the Australian Institute of Management, and requires that company to hold and apply the fund at its discretion for advancing public education in management training and efficiency (ss.2–3).\n\nWho pays: the trustees must transfer the assets; who decides: the company controls application of the fund; main trade-offs are administrative simplification versus concentration of discretionary power in the company and limited statutory oversight."},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Insufficient text is available to assess whether the scope of the Act changed from its original intent. The version history indicates it remains in force as originally made, which may suggest minimal amendments, but this cannot be confirmed from the metadata alone."},"complexity_factors":["Insufficient legislative text provided to assess true complexity","Memorial fund Acts of this era are typically short and straightforward in structure","Likely contains basic provisions for fund establishment, trustee powers, and permitted uses of funds","Age of the Act (1960) may mean it uses archaic drafting language, slightly increasing reading difficulty"],"plain_english_summary":"The John Storey Memorial Fund Act 1960 establishes a memorial fund in honour of John Storey and remains in force in Victoria. It sets up a dedicated pool of money to commemorate his legacy, affecting trustees or administrators who manage the fund and potential recipients (e.g., scholarship, prize, or grant beneficiaries) and any institutions that administer it.\n\nA full legal analysis isn’t possible from the limited metadata extract provided."}},"importantCases":[],"_links":{"self":"/api/acts/john-storey-memorial-fund-act-1960","history":"/api/acts/john-storey-memorial-fund-act-1960/history","analysis":"/api/acts/john-storey-memorial-fund-act-1960/analysis","conflicts":"/api/acts/john-storey-memorial-fund-act-1960/conflicts","importantCases":"/api/acts/john-storey-memorial-fund-act-1960/important-cases","documents":"/api/acts/john-storey-memorial-fund-act-1960/documents"}}