Victorian Numbered Acts

VETERANS AND OTHER ACTS AMENDMENT ACT 2015 (NO. 12 OF 2015) - SECT 4

After section 33 of the Veterans Act 2005 insert —

        " 33A     Amendment to trust deed of patriotic fund

    (1)     Subject to subsection (2), on the written application of the trustees of a patriotic fund, the Director may approve—

        (a)     the amendment of the trust deed of the patriotic fund; or

        (b)     the adoption of a new trust deed of the patriotic fund.

    (2)     The Director must not approve the amendment of a trust deed or the adoption of a new trust deed unless the amendment or the new trust deed (as the case may be) is consistent with, and does not alter, the objects and purposes of the patriotic fund.

    (3)     On the approval by the Director under subsection (1), a trust deed has effect as amended or adopted.

        33B     Amalgamation of patriotic funds

    (1)     The trustees of two or more patriotic funds may apply to the Director for approval to be amalgamated as a single patriotic fund.

    (2)     An application under subsection (1) must be in writing and include—

        (a)     for each of the patriotic funds proposing to be amalgamated—

              (i)     the details required to be specified under section 33(9); and

              (ii)     a schedule of assets held by the patriotic fund; and

        (b)     for the patriotic fund to be formed on the proposed amalgamation—the details required to be specified under section 33(3); and

        (c)     any other prescribed particulars.

    (3)     The Director may approve an application under subsection (1) to amalgamate two or more patriotic funds as a single patriotic fund by notice in writing to the trustees of each of the patriotic funds that applied for the amalgamation.

    (4)     On the amalgamation of two or more patriotic funds (the "amalgamating funds") under this section—

        (a)     a new patriotic fund is established with the details referred to in subsection (2)(b) applying to that patriotic fund; and

        (b)         the amalgamating funds are subsumed into that new patriotic fund; and

        (c)     the property of each amalgamating fund vests in the trustees of the new patriotic fund—

              (i)     to be held subject to the objects of the new patriotic fund; and

              (ii)     by force of this provision, without the necessity for any conveyance, transfer or assignment.

    (5)     Any property vested in the trustees of a patriotic fund by reason of subsection (4)(c) vests subject to any restriction, limitation, mortgage, charge, security interest, encumbrance, lien, lease, covenant, contract or liability to which the property was subject immediately before it was vested by reason of subsection (4)(c).

    (6)     A reference in a will to a patriotic fund that has amalgamated under this section must, unless the will otherwise provides, be construed as a reference to the patriotic fund formed by the amalgamation.".