426-105
CurrentPrivate ancillary funds
Volume 3Schedule 1, Chapter 4, Part 4-30 to Chapter 5, Part 5-100 (sections 308-1 to 990-5)
Schedule 1Collection and recovery of income tax and other liabilities
Chapter 5Administration
Part 5-35Registration and similar processes for various taxes
Division 426Process of endorsing charities and other entities
Subdivision 426-DAncillary and community charity trust funds
426-105 Private ancillary funds
(1)
A trust is a private ancillary fund if:
(a)
each trustee of the trust is a *constitutional corporation; and
(b)
each trustee has agreed, in the *approved form given to the Commissioner, to comply with the rules in the *private ancillary fund guidelines, as in force from time to time; and
(c)
none of the trustees has revoked that agreement in accordance with subsection (2).
(2)
A trustee may revoke an agreement mentioned in paragraph (1)(b) only by giving the revocation to the Commissioner in the *approved form.
This Act’s bill:Second reading speech
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