34Power to trustees to transfer patriotic fund to other trustees

34 Power to trustees to transfer patriotic fund to other trustees

(1) Subject to subsection (3), if the trustees of a patriotic fund propose to transfer all or any of the assets of the patriotic fund to the trustees of another patriotic fund, the trustees must obtain the approval of the Director before making the transfer.

(2) Subsection (3) applies if—

(a) an amount being the value of the assets is prescribed; and

(b) the trustees of a patriotic fund propose to transfer all or any of the assets of the patriotic fund to the trustees of another patriotic fund and the value of the assets to be transferred is less than the amount prescribed.

(3) If this subsection applies, subsection (1) does not apply but the trustees must notify the Director of the transfer within 28 days of the transfer taking place.

(4) Any asset that is transferred under this section vests in the trustees of the other patriotic fund to be held and applied by the trustees accordingly.

(5) The receipt or acknowledgment of a person authorised by the relevant trustees to sign receipts or acknowledgments on behalf of the trustees is a sufficient discharge to the persons transferring any assets under this section.

(6) Upon receiving a receipt or acknowledgment under subsection (5), the persons transferring the assets are not bound to see to the application, distribution, appropriation or use of those assets.