What it does
This Act creates and governs a corporate trust, the Antiochian Orthodox Church Property Trust (the Trust), and transfers to it property previously held in trust for the Catholic and Apostolic Orthodox Church of Antioch, Archdiocese of Australia and New Zealand (the Church). The Trust is constituted by the Act (s 4(1)) and its basic governance, membership, quorum and procedural rules are set out in Part 2 (s 4). The Trust is given broad functions to acquire, hold, manage, invest, borrow on, encumber and dispose of trust property for the purposes of the Church (s 6(1)(a)-(e)). It may also operate welfare, education and health institutions (s 6(1)(f)), act as executor, trustee or administrator in estates affecting the Church (s 12), and make claims or settle compensation for compulsory acquisition of trust property (s 13).
Mechanically, ownership and related legal incidents of property vested in certain listed companies and other former trustees are divested and vested in the Trust without conveyance on the appointed day (s 14(1)). Instruments and wills made after the appointed day that refer to the Church, or to a person acting for the Church, are to be treated as referring to the Trust (s 15). The Act provides a statutory seal regime (s 16), execution rules for contracts and instruments (ss 18-19), and evidentiary presumptions: certificates under the seal of the Trust are evidence and, for land registration, conclusive (s 20(1)-(2)). The Act also allows the Trust to blend funds held for different purposes into a single investment fund with ratable distribution of income or loss (s 9), to vary trusts where performance is impossible or inexpedient by resolution (s 11), and to enter schemes of co-operation with other churches on terms it sets (s 10).
The Act removes certain transactional frictions. No attornment by existing lessees is required where land vests in the Trust by s 14(3). Instruments executed solely to give effect to s 14 or consequential purposes are exempt from New South Wales stamp duty (s 14(4)). A payer of money to the Trust is exonerated if the receipt bears the Trust seal or sufficient signatures (s 21). Third parties such as purchasers or the Registrar-General are not required to inquire into the Trust’s power to deal with property (s 22).