28Property transactions and variations of trusts

28 Property transactions and variations of trusts

(1)  In relation to specified property vested in the Trust that the Board is satisfied on reasonable grounds is worth not more than $50 000, the Board may effect a property transaction in relation to that property despite the terms of any trust or condition affecting the property.

(2)  In relation to specified property vested in the Trust that the Board is satisfied on reasonable grounds is worth more than $50 000, if the Board determines by special resolution that it is necessary or expedient to do so to improve the ability of the Trust to achieve or promote its objects generally, the Trust may apply to the appropriate authority for –

(a) permission to effect a particular property transaction in relation to that property, despite the terms of any trust or condition affecting the property; or

(b) a variation of the terms of any trust or condition affecting that property.

(3)  The appropriate authority is –

(a) the Attorney-General, in respect of property that the Board is satisfied on reasonable grounds is worth less than $500 000; or

(b) the Supreme Court, in respect of any other property.

(4)  The Attorney-General may decline to deal with an application, in which case the Supreme Court is the appropriate authority for the application.

(5)  The appropriate authority may grant an application under this section only if satisfied that the proposed action is just and equitable, taking into account –

(a) the Trust’s ability to achieve or promote its objects generally, having regard to its current and prospective financial position; and

(b) any evident intentions of the settlor or donor in creating the trust or imposing the condition.

(6)  On the granting of an application under this section –

(a) the Trust is authorised to effect the property transaction concerned (despite the terms of any trust or condition affecting the property); or

(b) the terms of the trust or condition are varied –