10Disposal of certain property

10 Disposal of certain property

10 Disposal of certain property

(1) Subject to subsection (2), where the Trust resolves that any property that has been acquired by the Trust subject to a condition to which the Trust has agreed under section 8 (3) is not required for the purposes of the Trust, the Trust may—

(a) sell the property and retain the proceeds of the sale as property of the Trust,

(b) exchange the property for other property,

(c) give the property to an educational institution (including an art gallery), or

(d) if the Trust is of the opinion that the property is of no commercial value—dispose of the property without valuable consideration,

notwithstanding the condition subject to which the property was acquired.

(2) The Trust shall not sell, exchange, give or dispose of any property under subsection (1) except with the consent of the Governor and in accordance with any condition the Governor may impose upon the grant of his or her consent.

(3) The Governor may consent to the sale, exchange, gift or disposal of property for the purposes of this section and may impose any condition he or she thinks fit upon the grant of his or her consent.

s 10: Am 2005 No 64, Sch 1.3 [3].