4Dissolution of Trust

4 Dissolution of Trust

(1)  After applying all of the funds of the Trust in accordance with section 10 of the Trust Act , the Trust is to notify the Minister in writing of the application of the funds.

(2)  After applying all of the funds of the Trust in accordance with section 10 of the Trust Act but before notifying the Minister under subsection (1) of the application of the funds, the Trust must –

(a) ensure that it has complied with sections 17 and 18 of the Trust Act with respect to the preceding financial year; and

(b) prepare, and provide to the Auditor-General, financial statements exhibiting a true and correct record of the financial position of the Trust with respect to the current financial year up until the day on which the financial statements are prepared.

(3)  A notice given to the Minister under subsection (1) in a financial year is to be accompanied by –

(a) a report of the affairs and activities of the Trust with respect to the financial year up until the day on which the notice is given to the Minister; and

(b) a copy of the financial statements prepared under subsection (2)(b) ; and

(c) a copy of the Auditor-General's report with respect to those statements.

(4)  As soon as practicable after receiving a notice under subsection (1) and the accompanying documents referred to in subsection (3) , the Minister, by notice in the Gazette, is to declare that the Trust is dissolved.

(5)  The Trust is dissolved on the dissolution day.

(6)  A notice under subsection (4) is not a statutory rule for the purposes of the Rules Publication Act 1953 .