sec.305Application of Act to particular prescribed trusts

sec.305 Application of Act to particular prescribed trusts

This section applies in relation to a prescribed trust if, at any time during the relevant period— the trust instrument for the prescribed trust included a former prescribed power mentioned in section 304(1); or the powers of the trustees of the prescribed trust included a former prescribed power mentioned in section 304(2). This Act applies in relation to the prescribed trust as if the former prescribed power for the trust were a power exercisable for a charitable purpose. Without limiting subsection (2)— neither the existence of the former prescribed power, nor the exercise of the former prescribed power during the relevant period, affects the validity or status of the prescribed trust as a charitable trust; and the prescribed trust is to be construed and given effect to as if— the former prescribed power were a power exercisable for a charitable purpose; and any payment or application of the trust property or the trust income, or of any part of either of them, in the way allowed by the former prescribed power had been to or for a charitable purpose; and neither the existence of the former prescribed power, nor the exercise of the former prescribed power during the relevant period, affects the control of the prescribed trust by the Supreme Court in the exercise of the court’s general jurisdiction in relation to charitable trusts; and the jurisdiction mentioned in paragraph (c) extends to the former prescribed power as if the power were exercisable for a charitable purpose. A reference in subsection (3)(a) and (c) to the existence of the former prescribed power is a reference to— for a former prescribed power mentioned in section 304(1)—the existence of the power in the trust instrument at any time during the relevant period, whether or not the power exists in the trust instrument after the commencement; or for a former prescribed power mentioned in section 304(2)—the existence of the power at any time during the relevant period. Nothing in this section authorises the trustees of a prescribed trust to exercise a former prescribed power after the commencement. (sec.305-ssec.1) This section applies in relation to a prescribed trust if, at any time during the relevant period— the trust instrument for the prescribed trust included a former prescribed power mentioned in section 304(1); or the powers of the trustees of the prescribed trust included a former prescribed power mentioned in section 304(2). (sec.305-ssec.2) This Act applies in relation to the prescribed trust as if the former prescribed power for the trust were a power exercisable for a charitable purpose. (sec.305-ssec.3) Without limiting subsection (2)— neither the existence of the former prescribed power, nor the exercise of the former prescribed power during the relevant period, affects the validity or status of the prescribed trust as a charitable trust; and the prescribed trust is to be construed and given effect to as if— the former prescribed power were a power exercisable for a charitable purpose; and any payment or application of the trust property or the trust income, or of any part of either of them, in the way allowed by the former prescribed power had been to or for a charitable purpose; and neither the existence of the former prescribed power, nor the exercise of the former prescribed power during the relevant period, affects the control of the prescribed trust by the Supreme Court in the exercise of the court’s general jurisdiction in relation to charitable trusts; and the jurisdiction mentioned in paragraph (c) extends to the former prescribed power as if the power were exercisable for a charitable purpose. (sec.305-ssec.4) A reference in subsection (3)(a) and (c) to the existence of the former prescribed power is a reference to— for a former prescribed power mentioned in section 304(1)—the existence of the power in the trust instrument at any time during the relevant period, whether or not the power exists in the trust instrument after the commencement; or for a former prescribed power mentioned in section 304(2)—the existence of the power at any time during the relevant period. (sec.305-ssec.5) Nothing in this section authorises the trustees of a prescribed trust to exercise a former prescribed power after the commencement.