8SPF may be treated as charitable trust

#### 8 SPF may be treated as charitable trust 8 SPF may be treated as charitable trust > > (1) For the avoidance of doubt, it is declared that a trust fund (the SPF) established by James Hardie Industries NV as contemplated by the Final Funding Agreement is a valid charitable trust for the purposes of the law of the State if— > > > > > (a) the principal purposes for which the trust fund is established include the following purposes— > > > > > > > (i) the purpose of receiving and providing funding for the payment, and paying, of payable liabilities of any liable entity, > > > > > > > (ii) the purpose of providing services with respect to the management and resolution of claims made against any liable entity, and > > > > > (b) the instrument that establishes the trust fund makes provision for the trustee of the trust fund to be a company registered under the Corporations Act that is taken under section 119A of that Act to be registered in New South Wales. > > > (2) Without limiting subsection (1), any of the purposes referred to in subsection (1) (a) is to be treated as being a charitable purpose for the purposes of the [Charitable Trusts Act 1993](/view/html/inforce/current/act-1993-010) and the general law relating to charitable trusts. > > > (3) If the discretionary fund is for the time being authorised or required under the Final Funding Agreement or the SPF trust deed to receive and provide funding for the payment of, and to pay, any of the payable liabilities of any liable entity instead of or in addition to the SPF, any trust fund that was originally established for the purposes referred to in subsection (1) (a)— > > > > > (a) continues to be a valid charitable trust, and > > > > > (b) is taken to be administered by the SPF trustee for the purposes for which the trust fund was originally established, > > > > even though the fund is not the only trust fund being used during that time for the purpose referred to in subsection (1) (a) (i). > > > (4) Despite anything to the contrary in the SPF trust deed or any legislation of the State or the general law— > > > > > (a) any money provided to the SPF trustee under an authorised loan facility is taken to have been provided to the SPF trustee for the purpose referred to in subsection (1) (a) (i) and, consequently, to be subject to the trust established by the SPF trust deed, and > > > > > (b) the making of loan repayments in relation to an authorised loan facility by the SPF trustee from the SPF is taken to be a valid application of the trust fund for the purpose referred to in subsection (1) (a) (i). > > **s 8:** Am 2006 No 108, Sch 1 \[5\]; 2009 No 116, Sch 1 \[4\].