33BAmalgamation of patriotic funds

33B Amalgamation of patriotic funds

(1) The trustees of two or more patriotic funds may apply to the Director for approval to be amalgamated as a single patriotic fund.

(2) An application under subsection (1) must be in writing and include—

(a) for each of the patriotic funds proposing to be amalgamated—

(i) the details required to be specified under section 33(9); and

(ii) a schedule of assets held by the patriotic fund; and

(b) for the patriotic fund to be formed on the proposed amalgamation—the details required to be specified under section 33(3); and

(c) any other prescribed particulars.

(3) The Director may approve an application under subsection (1) to amalgamate two or more patriotic funds as a single patriotic fund by notice in writing to the trustees of each of the patriotic funds that applied for the amalgamation.

(4) On the amalgamation of two or more patriotic funds (the amalgamating funds) under this section—

(a) a new patriotic fund is established with the details referred to in subsection (2)(b) applying to that patriotic fund; and

(b) the amalgamating funds are subsumed into that new patriotic fund; and

(c) the property of each amalgamating fund vests in the trustees of the new patriotic fund—

(i) to be held subject to the objects of the new patriotic fund; and

(ii) by force of this provision, without the necessity for any conveyance, transfer or assignment.

(5) Any property vested in the trustees of a patriotic fund by reason of subsection (4)(c) vests subject to any restriction, limitation, mortgage, charge, security interest, encumbrance, lien, lease, covenant, contract or liability to which the property was subject immediately before it was vested by reason of subsection (4)(c).

(6) A reference in a will to a patriotic fund that has amalgamated under this section must, unless the will otherwise provides, be construed as a reference to the patriotic fund formed by the amalgamation.