40Variation of terms of trust or gift

40 Variation of terms of trust or gift (1) In this section: approved scheme means a scheme or variation of an approved scheme approved by the Administrator under subsection (4). scheme means a proposal by which a purpose for which property or the income of property held by the Institute is to be applied may be substituted for another purpose.

Part 6 Property, finance, audit and annual reports Batchelor Institute of Indigenous Tertiary Education Act 1999 29 (2) If the Institute holds property on terms requiring the property or the income from the property to be applied for a specified purpose and one of the following circumstances applies: (a) the purpose has been effected; (b) the purpose has ceased to exist; (c) the purpose has been adequately provided for by other means; (d) the purpose is uncertain or cannot be identified or is not sufficiently defined; (e) it becomes impossible or impracticable or inexpedient to carry out the purpose; (f) the property or income derived from the property is inadequate to carry out the purpose; the Council may, subject to this section, prepare a scheme or a variation of an approved scheme by which the property or a part or residue of the property is to be held on terms requiring the property or the income from the property to be applied for another purpose designated in the scheme or variation. (3) In selecting a purpose to be designated in a scheme or variation of an approved scheme, the Council must have a preference for a purpose which, in its opinion, is: (a) as similar as reasonably possible to the purpose or purposes for which the property concerned is held by the Institute; and (b) relevant to the functions of the Institute. (4) The Council must submit the scheme or variation of an approved scheme to the Administrator and, on receipt of the scheme or variation, the Administrator may: (a) by Gazette notice: (i) approve the scheme or variation; or (ii) approve the scheme or variation with the modifications the Administrator considers appropriate; or (b) by notice in writing to the Council, refuse to approve the scheme or variation.

Part 6 Property, finance, audit and annual reports Batchelor Institute of Indigenous Tertiary Education Act 1999 30 (5) If the Administrator approves a scheme or variation under subsection (4), the property, part or residue the subject of the scheme or variation is, in accordance with the scheme or variation, to be diverted from the purpose or purposes for which it was held immediately before the approval and held for the purpose or purposes designated in the scheme or variation. (6) On the publication of the Administrator's approval in the Gazette, judicial notice is to be taken of the scheme or variation the subject of the approval. (7) An approved scheme is not to be invalidated or otherwise prejudiced by reason only that a purpose other than the purpose designated in the approved scheme may have been more properly selected by the Council. (8) The powers conferred by this section are in addition to any other power or right that the Institute may lawfully exercise in relation to property it holds on trust or acquires and holds subject to a condition.