{"id":"tas:act-1993-105","name":"Lyons Trusts Act 1993","slug":"lyons-trusts-act-1993","collection":"act","jurisdiction":"tas","status":"in_force","isInForce":true,"actNumber":"105 of 1993","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":177005,"registerId":"tas-tas:act-1993-105-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"### 1 Short title\n\n> This Act may be cited as the [Lyons Trusts Act 1993](/view/html/inforce/2026-04-12/act-1993-105) .","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"### 2 Commencement\n\n> This Act commences on the day on which it receives the Royal Assent.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Interpretation","content":"### 3 Interpretation\n\n> > (1)  In this Act, unless the contrary intention appears –\n> > \n> > > ***Club*** means Tasmanian Racing Club Inc.;\n> > \n> > > ***deed of trust*** means the deed of trust referred to in [paragraph (a)](#Cp@Hpa@EN) of [the preamble](#Cp@EN) ;\n> > \n> > > ***Trustee*** means Perpetual Trustees Tasmania Limited referred to in [paragraph (a)](#Cp@Hpa@EN) of [the preamble](#Cp@EN) .\n> \n> > (2)  In this Act, a reference to property, in relation to the trusts arising under the deed of trust, is to be taken as including a reference to a legal or equitable estate or interest in any other property, whether present or future and whether vested or contingent, and any entitlement, power or privilege, if that estate, interest, entitlement, power or privilege arises from the administration of those trusts.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Power to augment trust capital","content":"### 4 Power to augment trust capital\n\n> > (1)  The Trustee must on or before 31 December in each year consult with the Club for the purpose of reaching an agreement as to an amount that is to be paid by the Club to the Trustee on 1 January in the following year so as to augment the capital of the trusts.\n> \n> > (2)  An amount that is agreed or, in default of agreement, determined by arbitration under clause 4 of the deed of trust for the purposes of this section is not to exceed one-quarter of the annual income of the trusts in the year preceding the date of payment.\n> \n> > (3)  Notwithstanding anything to the contrary in the deed of trust –\n> > \n> > > > (a) the Club must pay an amount to the Trustee in accordance with any such agreement or determination; and\n> > > \n> > > > (b) the Trustee must apply any such amount to augment the capital of the trusts.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Power of investment","content":"### 5 Power of investment\n\n> Notwithstanding anything to the contrary in the deed of trust –\n> \n> > > (a) the Trustee may invest the property of the trusts in any authorized trustee investments under the [Trustee Act 1898](/view/html/inforce/2026-04-12/act-1898-034) and in any shares listed by an Australian Stock Exchange; and\n> > \n> > > (b) in doing so, the Trustee is to give preference to investment in shares in companies similar to those specified in the deed of trust.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Powers of Tasmanian Racing Club Inc.","content":"### 6 Powers of Tasmanian Racing Club Inc.\n\n> The Club may apply any money paid to it each year under the trusts arising from the deed of trust, in addition to purchasing a trophy to be known as the Thomas Lyons Memorial Trophy –\n> \n> > > (a) to purchase a whip or other trophy for the winning jockey in any race conducted as a memorial to Thomas Lyons; or\n> > \n> > > (b) to augment the stake money in any such race.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Immunity for Trustee, &c.","content":"### 7 Immunity for Trustee, &c.\n\n> No action or legal proceeding may be instituted against the Trustee or any other person in respect of any matter arising out of the operation of this Act on the ground that the exercise of a power or the performance of a duty under this Act is inconsistent with the due administration of the trusts arising from the deed of trust.","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Administration of Act","content":"### 8 Administration of Act\n\n> Until provision is made in relation to this Act by order made under [section 4 of the](/view/html/inforce/2026-04-12/act-1990-004#GS4@EN) [Administrative Arrangements Act 1990](/view/html/inforce/2026-04-12/act-1990-004) –\n> \n> > > (a) the administration of this Act is assigned to the Minister for Racing and Gaming; and\n> > \n> > > (b) the Department responsible to the Minister for Racing and Gaming in relation to the administration of this Act is the Department of Tourism, Sport and Recreation.","sortOrder":7}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Based on the limited text available, there is no evidence the Act has materially changed from its original 1993 intent. The minimal amendment history and stable operation since 1997 suggest it continues to serve its original narrow purpose of managing specific named trusts."},"complexity_factors":["Insufficient substantive text provided to assess true legal complexity","Likely narrow in scope — applying to specific named trusts rather than broad population","Trust law can involve technical legal concepts but this appears to be a simple administrative/management Act","Long period of minimal amendment suggests stable, uncomplicated structure","No cross-references to other legislation visible in the provided text"],"plain_english_summary":"The Lyons Trusts Act 1993 (Tas.) is a narrow state law governing trusts named \"Lyons,\" likely tied to a specific estate or legacy. Its exact substantive provisions aren’t available in the excerpt, so a full legal analysis isn’t possible.\n\nIt has been in force since at least 1 Feb 1997, last updated in 2019, and primarily affects a small group: trustees, beneficiaries, and any administering government bodies."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The Act alters the scope of the original deed by imposing new mandatory procedures and powers: it requires the Club to make annual payments to augment trust capital (with a statutory cap) and gives the Trustee expanded investment powers including ASX-listed shares (s4(1)–(3); s5). It also overrides deed terms where inconsistent (s4(3), s5) and removes certain legal remedies against the Trustee for actions under the Act (s7). These changes shift who pays (the Club), who decides (Trustee with required consultation and arbitration fallback), and the extent of Trustee discretion and legal exposure."},"complexity_factors":["Cross-reference to an external statute for authorised trustee investments (Trustee Act 1898) increases external legal linkage (s5).","Annual negotiation with fallback to arbitration under the deed introduces a multi-step determination process and dependency on the deed’s arbitration clause (s4(1)–(2)).","Statutory cap on payments tied to prior-year trust income requires accounting and calculation (s4(2)).","Explicit statutory overrides of the deed create potential conflicts with existing trust terms and duties (s4(3), s5).","Broad immunity from proceedings for Trustee and others narrows remedies and affects litigation risk allocation (s7).","Defined, narrow institutional actors (Club; Trustee) simplify coverage but limit transferability and create concentrated obligations (s3).","Administrative assignment to a Minister and Department centralises executive responsibility (s8)."],"plain_english_summary":"This Act sets annual rules for Perpetual Trustees Tasmania Ltd (the Trustee) and the Tasmanian Racing Club (the Club). Each year the Trustee must negotiate with the Club for a payment (capped at one-quarter of the trusts’ prior-year income) to augment trust capital, and the Trustee is given wider investment powers including ASX-listed shares. The Club may use trust distributions for race trophies or prize money. The Act also limits legal actions over acts done under it and assigns administration to the Minister for Racing and Gaming."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: modifying the administration of the Thomas Lyons trust. All provisions relate directly to capital augmentation, investment powers, and Racing Club spending authority. No expansion beyond the original trust modification intent."},"complexity_factors":["Only 3 defined terms in the interpretation section (Club, deed of trust, Trustee)","No cross-references to other legislation beyond the Trustee Act 1898 and Administrative Arrangements Act 1990","Straightforward conditional logic: simple annual consultation requirement with a cap (one-quarter of income)","Single-layer exceptions (\"Notwithstanding anything to the contrary in the deed of trust\") without nesting","Brief statute: 8 sections covering narrow, specific subject matter","No delegated legislation or regulation-making powers"],"plain_english_summary":"**What this law does:**\n\nThis Act creates special rules for a specific trust fund set up to honour Thomas Lyons, a Tasmanian racing figure. It modifies how the trust operates by:\n\n* **Forcing annual capital growth:** Every year, the Tasmanian Racing Club must negotiate with the trust's manager (Perpetual Trustees Tasmania Limited) to pay money into the trust's capital (the permanent fund). If they can't agree, an arbitrator decides. This payment can't exceed 25% of the trust's annual income.\n\n* **Expanding investment options:** The trust manager can invest the fund's money more broadly than the original trust deed allowed — specifically in any investments permitted under Tasmania's Trustee Act 1898 and in shares listed on the Australian Stock Exchange. However, they should prefer companies similar to those originally specified.\n\n* **Giving the Racing Club more spending flexibility:** The Club can use trust income not just for the main \"Thomas Lyons Memorial Trophy\" but also for additional trophies (like a whip for winning jockeys) or to increase prize money in memorial races.\n\n* **Protecting the trust manager:** The law shields the trustee and others from being sued on the basis that these new powers conflict with the original trust deed.\n\n**Who it affects:**\n\n* **Tasmanian Racing Club Inc.** — must negotiate annual capital contributions and gains more spending options\n* **Perpetual Trustees Tasmania Limited** — gains broader investment powers and protection from lawsuits\n* **Jockeys and race participants** — may benefit from additional trophies and increased prize money\n\n**Why it matters:**\n\nThis is a **private Act** — legislation written for one specific trust rather than the general public. It overrides the original trust deed to ensure the fund grows over time (through forced capitalisation) while giving the trustee more modern investment flexibility. Without this Act, the trust would be bound by its original 19th or early 20th-century terms, potentially becoming outdated or diminishing in real value."}},"importantCases":[],"_links":{"self":"/api/acts/lyons-trusts-act-1993","history":"/api/acts/lyons-trusts-act-1993/history","analysis":"/api/acts/lyons-trusts-act-1993/analysis","conflicts":"/api/acts/lyons-trusts-act-1993/conflicts","importantCases":"/api/acts/lyons-trusts-act-1993/important-cases","documents":"/api/acts/lyons-trusts-act-1993/documents"}}