11Proposals for application of dormant fund

11 Proposals for application of dormant fund

11 Proposals for application of dormant fund

(1) Where the Commissioner considers it reasonable so to do the Commissioner may formulate proposals for the utilisation or application of any dormant fund.

(2) Such proposals shall be in the form of a draft order—

(a) authorising the trustees of the dormant fund to apply the same or the income thereof or the proceeds of the realisation thereof for some or one of the trusts thereof or of the purposes for which the same was to be utilised or applied exclusively of the other or others of such trusts or purposes, or

(b) for the establishment of a scheme for the administration of the dormant fund, the appointment of trustees for that purpose and the vesting of the dormant fund in such trustees, or

(c) directing the transfer of the dormant fund to such trustees as may be specified in the order and authorising such trustees to apply the dormant fund or the income thereof or the proceeds of the realisation thereof as if it were part of the trust property of which such trustees are the trustees.

The NSW Trustee and Guardian and any existing trustee of the dormant fund shall be eligible for appointment as trustee under paragraph (b).

(3) Before formulating proposals under this section the Commissioner shall give due consideration to any representations or suggestions made by the trustees or other persons interested in the dormant fund, or in the trusts thereof or in the purposes for which the dormant fund was to be utilised or applied.

s 11: Am 2009 No 49, Sch 2.21 [2].