Perpetual care trust—dissolution

In force

(1)

This section applies if a perpetual care trust for a facility is dissolved.

(2)

The amount remaining after the payment of any debts and expenses for the facility must be transferred to another perpetual care trust, or another fund that—

(a)

is established for a charitable purpose; and

(b)

is endorsed as exempt from income tax under the Income Tax Assessment Act 1997 (Cwlth), subdivision 50-B (Endorsing charitable entities as exempt from income tax).

This Act’s bill:Explanatory statement Second reading speech

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112 Perpetual care trust—dissolution