35Power to trustees to transfer patriotic fund to trustees of charitable trust, a charitable corporation or a Council

35 Power to trustees to transfer patriotic fund to trustees of charitable trust, a charitable corporation or a Council

(1) This section applies if in the opinion of the trustees of a patriotic fund it would more successfully accomplish the purposes for which the patriotic fund was established if all or any of the assets of the patriotic fund were transferred to—

(a) the trustees of any other fund or property held on trust for any charitable purpose; or

(b) any corporation having any charitable objects; or

(c) a Council exercising or proposing to exercise any power for the relief, assistance or support of any class of persons in special need of help or for any other public purpose.

(2) If this section applies, the trustees may, with the approval of the Governor in Council, on the recommendation of the Minister, transfer the assets to—

(a) the trustees of the other fund or property to be held by them upon the same trusts as the other fund or property; or

(b) the corporation to be applied to its charitable objects; or

(c) the Council to be applied for the relief, assistance or support of any class of persons in special need of help or for any other public purpose; or

(d) the trustees of the other fund or property or to the corporation or to the Council to be held by the trustees, corporation or Council upon the trusts as are specified by the Governor in Council.

(3) The assets so transferred vest in the trustees of the other fund or property or in the corporation or the Council to be held and applied by the trustees or the corporation or the Council accordingly.

(4) The receipt or acknowledgment of a person authorised by the trustees, corporation or Council to sign receipts or acknowledgments on their or its behalf is a sufficient discharge to the persons transferring any assets under this section.

(5) Upon receiving the receipt or acknowledgment under subsection (4), the persons transferring the assets are not bound to see to the application, distribution, appropriation or use of those assets.

(6) Despite subsection (2), the trustees of a patriotic fund may, without the approval of the Governor in Council, transfer assets forming part of the patriotic fund to the trustees, corporation or Council referred to in subsection (2) if—

(a) the value of the assets does not exceed—

(i) the amount prescribed in any prescribed period of time for the purposes of this subsection; or

(ii) if no amount is prescribed, $50 000 in any 6 month period; and

(b) the approval of the Director is obtained.

(7) In this section—

S. 35(7) def. of Council amended by No. 9/2020 s. 390(Sch. 1 item 107).