103
CurrentAuthority perpetual care trust—establishment
Part 7Perpetual care trusts
103 Authority perpetual care trust—establishment
(1)
A trust (the authority perpetual care trust) is established.
(2)
The authority perpetual care trust may be used only for the maintenance of a closed facility.
(3)
The authority perpetual care trust is—
(a)
taken to be a charitable trust established for public trust charitable purposes; and
(b)
not‑for‑profit.
(4)
A regulation may prescribe a kind of expenditure as expenditure that is, or is not, expenditure for the maintenance of a closed facility.
(5)
In this section:
closed facility means a facility that was closed in accordance with a declaration made under section 116A (2).
This Act’s bill:Explanatory statementSecond reading speech
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