7Power of Attorney-General to vary charitable trusts

7 Power of Attorney-General to vary charitable trusts

(1)  In this section, prescribed amount means –

(a) if the trust property consists of or includes real property, the sum of $100 000; or

(b) if the trust property consists of personal property only, the sum of $50 000 –

or, if in either case some other amount is prescribed by the regulations for the purposes of this section, that other amount.

(2)  The Attorney-General may approve of a scheme varying the purposes for which property is required or permitted to be applied under a charitable trust if –

(a) satisfied that the value of the property subject to the trust does not exceed the prescribed amount; and

(b) on application by the trustees in the prescribed form, satisfied that circumstances exist justifying the varying of the purposes for which the property may be applied under the trust.

(3)  The Attorney-General may –

(a) approve of a scheme with any alterations that he or she thinks fit; or

(b) disapprove of the scheme; or

(c) refer the scheme back to the trustees for further consideration.

(4)  Before approving a scheme with alterations, the Attorney-General –

(a) by notice in writing, is to notify the trustees of the proposed alterations; and

(b) is to give the trustees an opportunity to make submissions in relation to those alterations.

(5)  The Attorney-General must not exercise any powers under this section –

(a) unless of opinion that as far as reasonably practicable the scheme accords with the spirit of the original gift; or

(b) in the case of a failure of the original purposes of the trust, unless any person who has, or may acquire, a claim to any of the trust property consents to the exercise of those powers.