Variation of Trusts Regulations 2014

Variation of Trusts Regulations 2014

I, the Lieutenant-Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Variation of Trusts Act 1994 .

A. M. BLOW

Lieutenant-Governor

By His Excellency's Command,

DR. VANESSA GOODWIN

Minister for Justice

1.   Short title

These regulations may be cited as the Variation of Trusts Regulations 2014 .

2.   Commencement

These regulations take effect on 22 December 2014.

3.   Interpretation

In these regulations –

Act means the Variation of Trusts Act 1994 ;

register means the register of certificates of approval required to be kept under section 9 of the Act.

4.   Variation of charitable trusts by Attorney-General

(1)  For the purposes of section 7(1)(a) of the Act, the prescribed amount is $300 000.

(2)  For the purposes of section 7(1)(b) of the Act, the prescribed amount is $150 000.

5.   Application for approval of scheme to vary charitable trust

An application for the approval of a scheme under section 7(2)(b) of the Act is to –

(a) state the terms and conditions of the trust to which it relates; and

(b) be accompanied by copies of the document creating the trust and of any variation to the trust, unless those documents are unavailable; and

(c) state any facts and circumstances mentioned in section 5 of the Act which would justify variation of the purposes of the trust; and

(d) if the application is based on failure of the original purposes of the trust, be endorsed with a consent to the variation by any person who has, or may acquire, a claim to any of the trust property; and

(e) be accompanied by a draft scheme for the purposes of Part 2 of the Act; and

(f) state –

(i) the name and address of the trustees of the trust property for the time being; and

(ii) full details of the trust property, including its location, at the time when the application is made; and

(g) be accompanied by evidence, satisfactory to the Attorney-General, of the value of each item of the trust property.

6.   Register

The register is to be –

(a) maintained by the Registrar of the Court; and

(b) made available for inspection during the normal office hours of the Registry of the Court.

Displayed and numbered in accordance with the Rules Publication Act 1953.

Notified in the Gazette on 10 December 2014

These regulations are administered in the Department of Justice.