36Transfer of patriotic funds outside the State

36 Transfer of patriotic funds outside the State

(1) The trustees of any patriotic fund may with the approval of the Governor in Council, on the recommendation of the Minister, transfer all or any of the assets of the patriotic fund to—

(a) the trustees of a patriotic fund, or of a fund equivalent to a patriotic fund constituted under the law of the Commonwealth or of any other State or Territory of the Commonwealth; or

(b) the trustees of any other fund or property held on trust for any charitable purpose established in any other State or Territory of the Commonwealth; or

(c) any corporation having charitable objects incorporated under the law of the Commonwealth or of any other State or Territory of the Commonwealth.

(2) The assets so transferred vest in the trustees of the other patriotic fund, fund or property held on trust for any charitable purpose or in the corporation.

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

(4) Upon receiving a receipt or acknowledgment under subsection (3), the persons transferring the assets are not bound to see to the application, distribution, appropriation or use of those assets.

S. 36(5) inserted by No. 12/2015 s. 5.

(5) Despite subsection (1), 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 or corporation referred to in that subsection if—

(a) the approval of the Director is obtained and the value of the assets does not exceed—

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

(ii) if no amount is prescribed, $1000 in any 6 month period; or

(b) the approval of the Minister is obtained and the value of the assets does not exceed—

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

(ii) if no amount is prescribed, $5000 in any 6 month period.

S. 36A inserted by No. 12/2015 s. 6.