Technical Education Trust Funds Act 1967

This Act may be cited as the Technical Education Trust Funds Act 1967.

This Act shall commence upon a day to be appointed by the Governor and notified by proclamation published in the Gazette.

In this Act, unless the context or subject-matter otherwise indicates or requires:

award means an award of a prize, medal or scholarship, or a grant or donation, made for the purposes of substituted trusts and includes any like award for those purposes.

by-laws means by-laws made under this Act.

educational establishment means:

an establishment conducted by the TAFE Commission,

the University of Technology Sydney, or

any college, institute or other educational body that is declared by the Governor, by notification published in the Gazette, to be an educational establishment for the purposes of this Act.

Fund means a trust fund named in the First Column of Schedule 1, being a fund that was, immediately before becoming a Fund for the purposes of this Act, held on the trusts created by the trust instrument described in that Column in relation to that Fund.

prescribed means prescribed by this Act or the by-laws.

substituted trusts in relation to a Fund means the trusts specified in the Second Column of Schedule 1 opposite the name of the Fund in the First Column of Schedule 1.

trust instrument means an instrument described in the First Column of Schedule 1.

In sections 7, 8, 13 and 14, a reference to Statutory Trustees includes a reference to a statutory corporation that is a Statutory Trustee of a Fund.

The trustee or trustees of any fund held on trust for the advancement of education at an educational establishment may apply to the Minister for the fund to be brought under the provisions of this Act.

If an application is made under section 3, the Governor may, by order published on the NSW legislation website:

declare the trust fund that is the subject of the application to be a Fund for the purposes of this Act and specify the substituted trusts of the Fund, and

appoint:

the holders for the time being of two or more offices specified in the order to be the Statutory Trustees of the Fund, or

a statutory corporation specified in the order to be the Statutory Trustee of the Fund, and

amend Schedule 1 to the extent necessary to give effect to the order.

On the day on which an order specifying a trust fund to be a Fund for the purposes of this Act takes effect:

the trusts on which the Fund was held immediately before that day cease to have any effect, except to the extent that their operation is continued by or under this Act, and

a person who held office as trustee of the Fund immediately before that day vacates that office, and

any provision of a trust instrument relating to the appointment of new trustees or the retirement of trustees of the trust fund that comprises the Fund ceases to have effect, and

the substituted trusts relating to the Fund become the trusts to which the Fund is subject, and

the capital of the Fund is to be held on trust to be invested in accordance with the Trustee Act 1925.

On the day on which an order specifying a trust fund to be a Fund for the purposes of this Act takes effect, the Fund vests, without any conveyance or other assurance, in the persons or statutory corporation appointed under that order as the Statutory Trustees or Statutory Trustee of the Fund.

A Fund for which two or more Statutory Trustees are appointed vests in those Statutory Trustees as joint tenants.

The Governor may, by order published in the Gazette, change the Statutory Trustee or Statutory Trustees of a Fund.

On the day on which the order takes effect:

a person who, or a statutory corporation that, immediately before that day, was a Statutory Trustee of the Fund, ceases to be a Statutory Trustee of that Fund, and

the Fund vests, without any conveyance or other assurance, in the persons or statutory corporation appointed under that order as the Statutory Trustees or Statutory Trustee of the Fund.

A Fund in relation to which two or more Statutory Trustees are appointed vests in those Statutory Trustees as joint tenants.

On the day on which a person ceases to hold an office specified in an order made under section 4 or 6, the person ceases to be a Statutory Trustee of the Fund to which the order relates.

On the day on which a person assumes an office specified in an order made under section 4 or 6, the person is taken to have been duly appointed as a Statutory Trustee of the Fund to which the order relates.

That Fund vests, without any conveyance or other assurance, in that person and the other Statutory Trustees of that Fund as joint tenants.

On the day on which a statutory corporation, that is a Statutory Trustee of a Fund, is dissolved or otherwise ceases to exist:

the statutory corporation ceases to be a Statutory Trustee of the Fund, and

the Fund vests, without any conveyance or other assurance, in the person who holds the office of the Secretary of the Department of Industry.

The person who holds the office of the Secretary of the Department of Industry is taken to be a Statutory Trustee of any Fund that vests in that person by virtue of subsection (1), but ceases to be such a Statutory Trustee if an order is made under section 6 in relation to that Fund.

If a person ceases to be a Statutory Trustee by virtue of section 6A (1), and no other person holds the relevant office specified in relation to a Fund, the Fund vests, without any conveyance or other assurance:

in the remaining Statutory Trustee (if there is only one), or

in the remaining Statutory Trustees of the Fund as joint tenants.

If all of the persons appointed as Statutory Trustees of a Fund cease to be Statutory Trustees of the Fund by virtue of section 6A (1), and all of the relevant offices specified in relation to that Fund are vacant, the Fund vests, without any conveyance or other assurance, in the person who holds the office of the Secretary of the Department of Industry.

The person who holds the office of the Secretary of the Department of Industry is taken to be a Statutory Trustee of any Fund that vests in that person by virtue of subsection (2), but ceases to be such a Statutory Trustee if:

an order is made under section 6 in relation to that Fund, or

a person assumes an office specified in relation to that Fund.

The provisions of the Trustee Act 1925 relating to the appointment of new trustees and the retirement of trustees do not apply to or in respect of a Statutory Trustee.

A certificate, purporting to have been signed by the Secretary of the Department of Industry, to the effect that a person specified in the certificate is a Statutory Trustee for the time being of a Fund so specified is evidence of the matters certified.

Any award shall be of such value as the Statutory Trustees of the Fund from which it is made may determine when deciding to make an award.

The Statutory Trustees of a Fund may decline to make an award from that Fund if, in their opinion:

there is no student whose work is of sufficient merit to warrant an award,

the income from that Fund is not sufficient to warrant an award,

or for any other reason they deem to be sufficient in the circumstances.

The Statutory Trustees of a Fund may, in their discretion, determine whether unexpended income from the Fund shall be treated as capital moneys and added to the Fund, or whether it shall be treated as accrued income for the purposes of awards from the Fund.