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This is a Bill, not an Act. For current law, see the Acts databases.
TASMANIA
__________
TSUNEICHI FUJII FELLOWSHIP TRUST
(WINDING-UP) BILL 2007
__________
CONTENTS
PART 1 - PRELIMINARY
1. Short title
2. Commencement
3. Interpretation
PART 2 - WINDING-UP OF TRUST
4. Dissolution of Trust
PART 3 - TRANSITIONAL PROVISIONS
5. Transfer of assets and liabilities
6. Construction of documents
7. Legal proceedings and related matters
PART 4 - MISCELLANEOUS
8. Administration of Act
9. Tsuneichi Fujii Fellowship Trust Act 1985 amended
10. Legislation repealed
SCHEDULE 1 - TSUNEICHI FUJII FELLOWSHIP TRUST ACT 1985
AMENDED
SCHEDULE 2 - LEGISLATION REPEALED
[Bill 81]-XI
2
TSUNEICHI FUJII FELLOWSHIP TRUST
(WINDING-UP) BILL 2007
(Brought in by the Premier, the Honourable Paul Anthony
Lennon)
A BILL FOR
An Act to wind up the Tsuneichi Fujii Fellowship Trust
and to consequentially amend and repeal the Tsuneichi
Fujii Fellowship Trust Act 1985
Be it enacted by His Excellency the Governor of Tasmania, by
and with the advice and consent of the Legislative Council and
House of Assembly, in Parliament assembled, as follows:
PART 1 - PRELIMINARY
1. Short title
This Act may be cited as the Tsuneichi Fujii
Fellowship Trust (Winding-up) Act 2007.
2. Commencement
(1) Except as provided in this section, this Act
commences on the day on which this Act
receives the Royal Assent.
(2) Section 10 and Schedule 2 commence on the
dissolution day.
[Bill 81] 3
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
s. 3 Part 1 - Preliminary
3. Interpretation
In this Act -
"dissolution day" means the day on which a
notice is published in the Gazette under
section 4(4);
"Trust" means the Tsuneichi Fujii Fellowship
Trust established by section 3 of the
Trust Act;
"Trust Act" means the Tsuneichi Fujii
Fellowship Trust Act 1985.
4
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
Part 2 - Winding-up of Trust s. 4
PART 2 - WINDING-UP OF TRUST
4. Dissolution of Trust
(1) After applying all of the funds of the Trust in
accordance with section 10 of the Trust Act, the
Trust is to notify the Minister in writing of the
application of the funds.
(2) After applying all of the funds of the Trust in
accordance with section 10 of the Trust Act but
before notifying the Minister under
subsection (1) of the application of the funds, the
Trust must -
(a) ensure that it has complied with sections
17 and 18 of the Trust Act with respect
to the preceding financial year; and
(b) prepare, and provide to the Auditor-
General, financial statements exhibiting a
true and correct record of the financial
position of the Trust with respect to the
current financial year up until the day on
which the financial statements are
prepared.
(3) A notice given to the Minister under
subsection (1) in a financial year is to be
accompanied by -
(a) a report of the affairs and activities of the
Trust with respect to the financial year up
until the day on which the notice is given
to the Minister; and
5
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
s. 4 Part 2 - Winding-up of Trust
(b) a copy of the financial statements
prepared under subsection (2)(b); and
(c) a copy of the Auditor-General's report
with respect to those statements.
(4) As soon as practicable after receiving a notice
under subsection (1) and the accompanying
documents referred to in subsection (3), the
Minister, by notice in the Gazette, is to declare
that the Trust is dissolved.
(5) The Trust is dissolved on the dissolution day.
(6) A notice under subsection (4) is not a statutory
rule for the purposes of the Rules Publication
Act 1953.
6
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
Part 3 - Transitional Provisions s. 5
PART 3 - TRANSITIONAL PROVISIONS
5. Transfer of assets and liabilities
(1) In this section -
"State tax" means any of the following
imposed by any Act or law of Tasmania:
(a) a fee;
(b) a tax or duty;
(c) a charge.
(2) On the dissolution day -
(a) the assets of the Trust vest in the Crown;
and
(b) the liabilities of the Trust become the
liabilities of the Crown.
(3) State tax is not payable in respect of any
document prepared, or transfer or transaction
done, to give effect to subsection (2).
6. Construction of documents
(1) In this section -
"document" means a document, or part of a
document -
(a) that was in force immediately
before the dissolution day; and
7
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
s. 7 Part 3 - Transitional Provisions
(b) in which there is a reference to
the Trust; and
(c) that relates to an asset or liability
of the Trust.
(2) Unless the context or subject matter of a
document otherwise requires, on and after the
dissolution day a reference in the document to
the Trust is taken, where appropriate, to be or to
include a reference to the Crown.
7. Legal proceedings and related matters
On and after the dissolution day -
(a) any legal or other proceeding instituted
by or against the Trust before, and
pending on, the dissolution day may be
continued by or against the Crown; and
(b) any legal or other proceeding that could
have been instituted by or against the
Trust to enforce an obligation that was
required to be performed, or a right that
had accrued, before the dissolution day
may be instituted by or against the
Crown; and
(c) any judgment or order of a court obtained
before the dissolution day by or against
the Trust and not executed or satisfied
before the dissolution day may be
enforced by or against the Crown; and
8
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
Part 3 - Transitional Provisions s. 7
(d) a document relating to any legal or other
proceeding that has been served on or by
the Trust is taken, where appropriate, to
have been served on or by the Crown.
9
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
s. 8 Part 4 - Miscellaneous
PART 4 - MISCELLANEOUS
8. Administration of Act
Until provision is made in relation to this Act by
order under section 4 of the Administrative
Arrangements Act 1990 -
(a) the administration of this Act is assigned
to the Premier; and
(b) the department responsible to the
Premier in relation to the administration
of this Act is the Department of Premier
and Cabinet.
9. Tsuneichi Fujii Fellowship Trust Act 1985 amended
The legislation specified in Schedule 1 is
amended as specified in that Schedule.
10. Legislation repealed
The legislation specified in Schedule 2 is
repealed.
10
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
sch. 1
SCHEDULE 1 - TSUNEICHI FUJII FELLOWSHIP
TRUST ACT 1985 AMENDED
Section 9
Tsuneichi Fujii Fellowship Trust Act 1985
1. Section 2 is amended by inserting after the
definition of "functions" the following
definition:
"funds of the Trust" means the capital of the
Trust or any income derived from that
capital;
2. Section 9 is amended by omitting "shall" and
substituting "may".
3. Section 10 is repealed and the following section
is substituted:
10. Funds of Trust
In pursuance of the objects of the Trust,
the Trust is to apply all or any part of the
funds of the Trust -
(a) for the purpose of making a grant
to a person or organisation; or
(b) in accordance with an agreement,
other than a loan agreement,
entered into with a person or
organisation.
11
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
sch. 1
4. Section 11 is amended as follows:
(a) by inserting "not" after "may";
(b) by omitting "that may be used to further
the objects of the Trust".
5. Section 12 is amended by omitting "income or".
12
Tsuneichi Fujii Fellowship Trust (Winding-up) Act 2007
Act No. of
sch. 2
SCHEDULE 2 - LEGISLATION REPEALED
Section 10
Tsuneichi Fujii Fellowship Trust Act 1985 (No. 135 of 1985)
Government Printer, Tasmania 13