Hospital Foundations Act 2018
sec.75Property held on trust on dissolution of foundation
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sec.75 Property held on trust on dissolution of foundation
This section applies if— a foundation is dissolved; and on the dissolution, the foundation is a trustee of a trust under which property, including, for example, land, is held. The Governor in Council may, by gazette notice, do any of the following— constitute or nominate another person as trustee for the trust; nominate another use to which property should be held or applied; terminate the trust; make an order the Governor in Council considers appropriate. An order made under subsection (2) must be given effect. However, an order under subsection (2) may not override the provisions of an instrument creating the trust under which a foundation holds property if the instrument provides for the variation of the trust or substitution of a new trust upon the dissolution of the foundation. (sec.75-ssec.1) This section applies if— a foundation is dissolved; and on the dissolution, the foundation is a trustee of a trust under which property, including, for example, land, is held. (sec.75-ssec.2) The Governor in Council may, by gazette notice, do any of the following— constitute or nominate another person as trustee for the trust; nominate another use to which property should be held or applied; terminate the trust; make an order the Governor in Council considers appropriate. (sec.75-ssec.3) An order made under subsection (2) must be given effect. (sec.75-ssec.4) However, an order under subsection (2) may not override the provisions of an instrument creating the trust under which a foundation holds property if the instrument provides for the variation of the trust or substitution of a new trust upon the dissolution of the foundation.
- (a) a foundation is dissolved; and
- (b) on the dissolution, the foundation is a trustee of a trust under which property, including, for example, land, is held.
- (a) constitute or nominate another person as trustee for the trust;
- (b) nominate another use to which property should be held or applied;
- (c) terminate the trust;
- (d) make an order the Governor in Council considers appropriate.