17Variation of trusts

17 Variation of trusts

17 Variation of trusts

(1) If, after the creation of the trusts to which any real or personal property vested in or held by a body corporate constituted by this Act is for the time being subject, it has, in the opinion of the body corporate, become impossible or inexpedient to carry out or observe those trusts, the body corporate may by resolution declare that opinion, and by the same or a later resolution declare other trusts subject to which such property may be held, being trusts for the use, benefit or purposes of the community to which the body corporate relates.

(2) A resolution declaring other trusts causes the replaced trusts to cease and determine and the property which was subject to those trusts shall be held subject to the other trusts.

(3) The property shall be dealt with as nearly as may be possible for the purposes for which the property was, immediately before the resolution, held unless the body corporate by resolution declares that by reason of circumstances arising after the creation of the replaced trusts it is, in the opinion of the body corporate, impossible or inexpedient to deal with or apply the property or some part of the property for the same or like purposes.

(4) If a resolution is passed under subsection (3) in relation to property or some part of property, the property or part of the property may be dealt with and applied for the use, benefit or purposes of the community subject to the trusts declared by resolution of the body corporate.

(5) This section applies to trusts created before or after the commencement of the Roman Catholic Church Communities’ Lands (Amendment) Act 1986.

(6) In subsection (1), the reference to trusts which have been created includes a reference to trusts declared by a resolution passed under this section.

s 17: Ins 1986 No 191, Sch 1 (4).