51Governor in Council may order patriotic fund to be wound up

51 Governor in Council may order patriotic fund to be wound up

(1) If any of the circumstances specified in section 49(1) exists in relation to a patriotic fund, the Governor in Council may, by Order in Council published in the Government Gazette, order that—

(a) the patriotic fund be wound up; and

(b) any assets of the patriotic fund remaining after the completion of the winding up be distributed in accordance with the patriotic fund's trust deed.

(2) Subsection (3) applies if—

(a) any of the circumstances specified in section 49(1) exists in relation to a patriotic fund; and

(b) the Governor in Council orders the patriotic fund be wound up under subsection (1); and

(c) any of the following applies—

(i) the patriotic fund's trust deed does not specify how surplus assets are to be distributed;

(ii) a trust deed does not exist with respect to the patriotic fund;

(iii) the patriotic fund's trust deed has been lost;

(iv) it is not practicable to distribute any assets of the patriotic fund remaining after the completion of the winding up in accordance with the patriotic fund's trust deed.

(3) If this subsection applies, the assets may be transferred to—

(a) another specified patriotic fund; or

(b) subject to subsections (4) and (5), the trustees of a charitable trust or to a charitable corporation; or

(c) subject to subsection (4), the Victorian Veterans Fund; or

(d) subject to subsection (4), the trustees of the Shrine of Remembrance.

(4) An Order in Council to transfer assets to the trustees of a charitable trust, charitable corporation, the Victorian Veterans Fund or the Shrine of Remembrance can only be made on the recommendation of the Minister.

(5) An Order in Council to transfer assets to the trustees of a charitable trust or charitable corporation can only be made if the transfer will enable at least one of the purposes of a patriotic fund specified in section 23 to be achieved.

(6) If an Order in Council is made under this section, the Director may appoint an administrator to carry out the Order in Council.