Lyons Trusts Act 1993

Lyons Trusts Act 1993

This Act may be cited as the Lyons Trusts Act 1993.

This Act commences on the day on which it receives the Royal Assent.

In this Act, unless the contrary intention appears – Club means Tasmanian Racing Club Inc.; deed of trust means the deed of trust referred to in paragraph (a) of the preamble;Trustee means Perpetual Trustees Tasmania Limited referred to in paragraph (a) of the preamble.

In this Act, a reference to property, in relation to the trusts arising under the deed of trust, is to be taken as including a reference to a legal or equitable estate or interest in any other property, whether present or future and whether vested or contingent, and any entitlement, power or privilege, if that estate, interest, entitlement, power or privilege arises from the administration of those trusts.

The Trustee must on or before 31 December in each year consult with the Club for the purpose of reaching an agreement as to an amount that is to be paid by the Club to the Trustee on 1 January in the following year so as to augment the capital of the trusts.

An amount that is agreed or, in default of agreement, determined by arbitration under clause 4 of the deed of trust for the purposes of this section is not to exceed one-quarter of the annual income of the trusts in the year preceding the date of payment.

Notwithstanding anything to the contrary in the deed of trust – the Club must pay an amount to the Trustee in accordance with any such agreement or determination; and the Trustee must apply any such amount to augment the capital of the trusts.

Notwithstanding anything to the contrary in the deed of trust –

the Trustee may invest the property of the trusts in any authorized trustee investments under the Trustee Act 1898 and in any shares listed by an Australian Stock Exchange; and in doing so, the Trustee is to give preference to investment in shares in companies similar to those specified in the deed of trust.

The Club may apply any money paid to it each year under the trusts arising from the deed of trust, in addition to purchasing a trophy to be known as the Thomas Lyons Memorial Trophy –

to purchase a whip or other trophy for the winning jockey in any race conducted as a memorial to Thomas Lyons; or to augment the stake money in any such race.

No action or legal proceeding may be instituted against the Trustee or any other person in respect of any matter arising out of the operation of this Act on the ground that the exercise of a power or the performance of a duty under this Act is inconsistent with the due administration of the trusts arising from the deed of trust.

Until provision is made in relation to this Act by order made under section 4 of the Administrative Arrangements Act 1990 –

the administration of this Act is assigned to the Minister for Racing and Gaming; and the Department responsible to the Minister for Racing and Gaming in relation to the administration of this Act is the Department of Tourism, Sport and Recreation.