11Powers of Trusts

11 Powers of Trusts

(1) A Trust may subject to this Act—

(a) manage maintain improve and develop any land held by the Trust;

S. 11(1)(b) amended by No. 29/2024 s. 20(1).

(b) carry on any business, including on any land held by the Trust;

S. 11(1)(ba) inserted by No. 29/2024 s. 20(2).

(ba) establish, acquire, operate or manage a related entity being either—

(i) an Aboriginal and Torres Strait Islander corporation within the meaning of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 of the Commonwealth; or

(ii) a company within the meaning of the Corporations Act;

(c) purchase take hold sell lease take on lease exchange or dispose of any real or personal property (other than securities falling outside paragraph (e));

S. 11(1)(d) amended by No. 11/2001 s. 3(Sch. item 1(a)).

(d) borrow money on the security of a mortgage charge or other assurance of any real or personal property of the Trust, or on overdraft of current account at any authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth;

S. 11(1)(e) substituted by No. 104/1995
s. 6(Sch. 1 item 1).

(e) invest money in any manner in which money may be invested under the Trustee Act 1958;

S. 11(1)(f) substituted by No. 11/2001 s. 3(Sch. item 1(b)).

(f) have accounts with any authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth;

S. 11(1)(g) amended by No. 33/2013 s. 6(1).

(g) appoint and employ officers and employees;

S. 11(1)(h) amended by No. 21/2014 s. 3(Sch. 1 item 1).

(h) distribute amongst its members in the form of dividends any moneys of the Trust available for distribution in accordance with this Act;

S. 11(1)(ha) inserted by No. 33/2013 s. 6(2), repealed by No. 29/2024 s. 14.

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(i) do all such other things as are properly incidental to the exercise of any powers conferred on the Trust by this or any other section of this Act.

S. 11(2) repealed by No. 33/2013 s. 6(3).

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S. 11(3) amended by Nos 8177 s. 2, 33/2013 s. 6(4).

(3) Subject to subsection (4), a Trust shall not sell, give in exchange or otherwise dispose of any land to any person, except in accordance with a unanimous resolution of the Trust.

S. 11(4) substituted byNo. 33/2013 s. 6(5).

(4) A Trust may lease land, but must not lease land for a period of more than 21 years, except in accordance with a resolution, of which special notice has been given, which is agreed to at any general meeting of the Trust by not less than three-quarters of the persons who, being entitled to do so, attend the meeting and vote upon the resolution.