sec.183Variation of trust purposes

sec.183 Variation of trust purposes

This section applies if— property ( trust property ) is held by or for the State, on the commencement of this section or at a later time, on terms requiring the property or income from the property to be applied to a purpose (the original purpose ) intended to further in any way the objects of this Act or the repealed Act; and 1 or more of the following happens— the original purpose is carried out; the original purpose ceases to exist; the original purpose is adequately provided for otherwise; the original purpose is uncertain, insufficiently defined or can not be identified; it is or becomes impossible, impracticable or inexpedient to carry out the original purpose; the trust property or income from the trust property is not enough to carry out the original purpose. The chief executive may propose an arrangement to apply the trust property or a part of it, or the income from the trust property, to a purpose stated in the proposal. The chief executive must submit the proposed arrangement in writing to the Minister. The proposed arrangement has no effect unless it is approved by the Minister. If the Minister approves the proposed arrangement, the approval must be notified by gazette notice. The approval takes effect from the publication of the gazette notice or, if a later day is stated in the gazette notice, from the later day. Despite the original purpose for which the trust property was held immediately before the approved arrangement becomes effective, when the approved arrangement becomes effective the trust property or income from it is to be applied to the purpose stated in the approved arrangement. However, the chief executive may not propose an arrangement under subsection (2) for trust property if the trust instrument under which the property is held on trust states the way the property is to be dealt with if something mentioned in subsection (1) (b) happens. (sec.183-ssec.1) This section applies if— property ( trust property ) is held by or for the State, on the commencement of this section or at a later time, on terms requiring the property or income from the property to be applied to a purpose (the original purpose ) intended to further in any way the objects of this Act or the repealed Act; and 1 or more of the following happens— the original purpose is carried out; the original purpose ceases to exist; the original purpose is adequately provided for otherwise; the original purpose is uncertain, insufficiently defined or can not be identified; it is or becomes impossible, impracticable or inexpedient to carry out the original purpose; the trust property or income from the trust property is not enough to carry out the original purpose. (sec.183-ssec.2) The chief executive may propose an arrangement to apply the trust property or a part of it, or the income from the trust property, to a purpose stated in the proposal. (sec.183-ssec.3) The chief executive must submit the proposed arrangement in writing to the Minister. (sec.183-ssec.4) The proposed arrangement has no effect unless it is approved by the Minister. (sec.183-ssec.5) If the Minister approves the proposed arrangement, the approval must be notified by gazette notice. (sec.183-ssec.6) The approval takes effect from the publication of the gazette notice or, if a later day is stated in the gazette notice, from the later day. (sec.183-ssec.7) Despite the original purpose for which the trust property was held immediately before the approved arrangement becomes effective, when the approved arrangement becomes effective the trust property or income from it is to be applied to the purpose stated in the approved arrangement. (sec.183-ssec.8) However, the chief executive may not propose an arrangement under subsection (2) for trust property if the trust instrument under which the property is held on trust states the way the property is to be dealt with if something mentioned in subsection (1) (b) happens.