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©State of Queensland
E B U C A ~ Q N A L m M O R I A L F U m S DISPOSAL ACT 1973, Ns,
Z5,[Reprinted as at 1 December, 6983)
An Act to provide for the disposal of trust funds held subject to 'The Educational Memorial Funds Declaxation Act of 1963 and to repeal that Act.
[ ~ ~ E N T E D '11'0 19 DECEMBER, 19731 Preamble. Whereas the examination, called the Junior Public Examination of the Department of Edx~cation in Tlae f i d b ~ ~ t i o n d Memorial Funds Declaration A c t of 1963 (hereafter in this preamble referred to as the Act), was held for the last time in the year 1970 and is now abolished as a public examination;
And whereas the examination, called the Senior Public Examinati.csn of the University of Queensland in the Act, was held for the last time
in the year 1972 and is now abolished as a public examination;
And whereas by reason of the abolition of the examination called the Senior Public Examination of the University ]of Queensland in the Act it will not be possible to conduct the Open Scholarship Comptition held in conjunction with that examination in the manner in which i t has heretof~re been conducted;
And whereas by reason of the matters hereinbefore in this preamble set forth it has become impossible to apply the income arising from the Bursary Fund or the Trust Funds referred to in the Act to purposes prescribed by the Act with respect thereto.
BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority .sf the same, as f01lolws:-
1. Short title. This Act may be cited as the Edncation&k Memwiai Funds Disposal Act 1973.
2. Commencement. The several provisions of this Act shall come into operation on a date or dates appointed by Proclamation in respect of the provisions specified therein.
Commenced 23 August 1975 (Proc. pubd. Gaz. 23 August 1975, p. 1867).
3. Intenpretatioa. In this Act, unless a contrary intention appears-
"bursary fund" means the funds held and applied by the trustee immediately before the commencement of section 7 upon the trusts declared with respect to the Bursary Fund by section 2 of The Educational Memorial Funds Declaration Act of 1963 together with all accumulations thereto and the investments for the time being representing the same;
2 s9.4-7 EDUCATIONAL MEMORIAL FUNDS DISPOSAL ACT 1973
"scholarship fund" means the fund called The Six Charles Lilley Scholarship Fund together with all accumulatioas thereto and the investments for the time being representing the s m e ;
"trustee" means The Public Curator of Queensland;
"trust fund" means each )of the funds called respectively The Honourable T. J. Ryan Memorial Fund and The Robert Funnel1 Melmorial Fund together with all ac.cumulations thereto and the investments for the time being representing either of those funds;
4, Terrrajnatiom of trusts. ( 1 ) Upon the commencement of section 5 the tmst fund shall be discharged from the trusts that theretofore affected it and shall be disposed of in accordance with this Act.
(2) Upon the commencement of section 6 the scholarship fund shall be discharged from the trusts that theretofore affected it and shall be disposed )of in accordance with this Act.
( 3 ) Upon the commencement 'of section 7 the bursary fund shall be discharged from the trusts that theretofore affected it and shall be held and applied in accordance with this Act.
5. Tmstee's obligation re trust fund. As soon as practicable after the commencement of this section the trustee-
(a) shall pay to the Treasurer 'of Queensland the moneys com- prising the trust fund at the date of payment together with all income arising therefrom to the date of payment;
( b ) shall transfer to the Treasurer #of Queensland the invest- ments representing the trust fund at the date of transfer together with the entitlement to incolme arising therefrom to the date oS transfer.
6. Trustee's obligation re schollasship fund. As soon as praciicable after the commencement 'of this section the trustee-
(a) shall pay to the Treasurer of Queensland the moneys com- prising the scholarship fund at the date of payment together with all income arising therefrom to the date of payment;
(b) shall transfer to the Treasurer of Queensland the investments representing the scholarship fund at the date of transfer together with the entitlement to income arising therefrn~m to the date of transfer.
7. Trustee's obligation re bursary fund. ( 1 ) This section shall be read as one with the provisions of-
(a) the indenture bearing date 5 October 1939 between The Honourable William Fo'rgan Smith LL.D. of the one part and The Public Curator of Queensland of the other part, as varied from time to time whether before or after the commencement of this Act; and
EDUCATIONAL MEMORIAL F U N m DISPOSAL ACT ss. 8, 9 3 1973
( b ) the indenture bearing date 6 June 1940 between The Honourable William Forgan Smith LL.D. of the one part and The Public Curator of Queensland of the other part, as varied from time t o time whether before o r after the commencement of this Act,
but to the extent that this section and any provision 'of either of those indentures are inconsistent this section shall prevail and that provision shall be inoperative.
( 2 ) The trustee shall hold the bursary fund and, in each year, shall pay the income arising therefrom t o the Director-General of Education.
The trustee shall pay to the Director-General of Education all moneys (being income arising from the bursary fund) that are in his hands at the commencement of this section and that have not been capitalized as part of that fund at such colmmencement.
( 3 ) The receipt of the Director-General of Education or of any person authlorized to receive money on his behalf shall be a full and sufficient discharge to the trustee for money paid to the Director-General of Education under subsection ( 2 ) and the trustee shall, upon each such payment, be freed and discharged from obligation t o see to the proper application of the money so paid.
8. D2ector-General's cobEgation re income from bursay fund, As soon as practicable after the payment to him in each year of the income arising from the bursary or, as the case may be, the payment to him of the other moneys referred to in section 7 ( 2 ) the Director-General of Education shall cause the same to be applied (whether in the year in which such payment is made or subsequently) towards the general educational purposes of the library maintained for the Sugar School within the Mackay Technical College established in the State at Mackay, 9. Treasmer's obligafiora re properfy received, The Treasurer of Qzxeensland-
( a ) in the case of mloneys paid to him pursuant to section 5 or 6, shall cause the same to be paid forthwith to the Consolidated Revenue Fund of Queensland;
(b) in the case of investments transferred to him pursuant to section 5 or 6, shall either-
(i) hold the same until they mature and in the meantime cause all income arising therefrom t o be paid t o the Consolidated Revenue Fund of Queensland; or
(ii) convert the same into money,
at his discretion, and upon the maturity or conversion of the investments (whichever event first occurs), shall cause the moneys thereby realised together with all income arising from the investments to the date of maturity or conversion to be paid to the Consolidated Revenue Fund of Bueensland.
4 5 5 . 10, 1 1 EDUCATlOWAL MEMORIAL FUNDS DISPOSAL ACT
1973
10. Trustee mot liable for fiosw-p&om8aceD Action, suit or pro- ceeding shall not lie against the trustee on account of non-performance of trust subje.c& 'to wl-~ich any fund is or was, at the material t h e , held by him. under The Educaeioaa& Memorial Funds Declaration Act of'
1963 if performance of the trust is o r was, at the material t h e , jmpossiblh: by reason of the matters set forth in the preamble to this Act.
I f . Weped. Upon the corarrreaeemernt of a11 of the provisions of this Act The Educaeioreal Memon'al Funds Declctrarion Act of 1963 is repealed.
- -- -
cll;i?l--By Authority' 4: R HnlwrJsorr. Government Printer, Q~~ecnalrrnd
TO THE
EDUCATIONAL MEMORIAL FLTNDS DISPOSAL ACT 1973
Act-
commencement of . . . short title . . .
Bursary Fund-
meaning of term . . . . . . . . . obligation of Director-General
. . . . re income from payment of income from, by trustee terminatior~ of . . . . . . . . . . . . .
. . . . . . . trustee's obligation re . .
c
Commencernment of Act . . .
1
Interpretation See Meaning of Terms
Page
Director-General of Education-
obligation re income from bursary fund . . . payment of income from bursary fund by trustee to, . . receipt of payment to, discharge of trustee's obligation
Discharge of trust funds . . . . . . . . . . . . .
Educational Memorial Funds Declaration Act of 1963, repeal of
Meaning of terms-
bursary fund . . . . . . . . . . . . . . scholarship fund
trust fund . . . . . . . . . . . trustee . . . . . .
Repeal of The Educational Memorial Funds Declaration Act of 1963
Scholarship fund- meaning of t e r n
termination of . . . . . . . . Treasurer's obligation re property received from . .
trustee's obligation re . . . Short title . . . - . . .
6 INDEX
Treasurer-
. . . obligation re property received
. . . .
payment of moneys to, from scholarship fund
. . . payment of moneys to, from trust fund
Trust Fund-
. . . meaning of term
termination of . . . . . . . . . . Treasurer's obligation re property received 'from
. . . trustee's obligation re
Trustee-
. . . meaning of term
. . . not liable for non-performance
. . . obligation of, re bursary fund
. . . obligation of, re scholarship fund
. . . obligation of, re trust fund
payment of income from bursary fund by, . . receipt from Director-General for money paid, discharge
o f . . . . . . . Trusts, termination of
Page
61 532-By Authority: S. R. HAMPSON, Government Printer, Queensland
