An Act to make further provision with respect to the purposes to which the funds administered by the trustees of the Will of Richard Thomas Hall, deceased, may be applied; and for purposes connected therewith.
Preamble
WHEREAS by the will of Richard Thomas Hall, who died on the sixteenth day of August, one thousand eight hundred and ninety-four, the testator authorised his trustees to apply his residuary trust property in establishing and maintaining a home for the “reception care and treatment of cultured respectable moral persons resident in Sydney or its suburbs who suffer from consumption of the lungs who are without sufficient means of support or of friends or relatives to help them and who are therefore in absolute need of help from strangers”: AND WHEREAS other trusts created by the said will to take effect if such a home could not wisely be established and carried on disclosed a general charitable intention on the part of the testator: AND WHEREAS in accordance with the terms of the said will a home known as the “R. T. Hall Sanatorium” was established at Hazelbrook in the State of New South Wales and the said sanatorium was for many years maintained by the trustees from time to time of the said will: AND WHEREAS it has now become apparent that the usefulness of the said sanatorium is at an end since by reason of modern developments in the treatment of tuberculosis it is neither possible nor desirable that the trustees should continue to maintain the said sanatorium as an institution for the reception of sufferers from the disease: AND WHEREAS the said sanatorium can in no way be now usefully employed for such a purpose: AND WHEREAS the trustees have therefore resolved to sell the land and buildings which constitute the sanatorium and have entered into a contract of sale with respect thereto: AND WHEREAS the trustees are desirous that in accordance with the general charitable trust constituted by the will of the testator the residuary trust property should be applied in the provision of assistance to institutions associations or organizations engaged in research and education in fields of medical science and of fellowships for furthering the dissemination and acquisition of medical knowledge: AND WHEREAS in order to enable the trustees of the said will without undue expense or delay fully to carry into effect the general charitable trust constituted by the will of the testator it is expedient that the following provisions should be enacted:
BE IT THEREFORE ENACTED by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows:
1 Name of Act
This Act may be cited as the R. T. Hall Trusts Act 1958.
2 Definitions
In this Act unless the context or subject matter otherwise indicates or requires:Trust fund means the funds from time to time being administered by the trustees as the trustees of the will of Richard Thomas Hall, deceased.Trustees means the trustees from time to time of the will of Richard Thomas Hall, deceased.
3 Application of trust fund
The trustees may, for the purpose of carrying into effect the charitable trust constituted by the will of Richard Thomas Hall, deceased:(a) from time to time, apply the income of the trust fund either wholly or in part for any or all of the following purposes, that is to say:(i) the making of grants to any institution, association or organization for or in connection with medical research or education undertaken by such institution, association or organization in the State of New South Wales in the fields of diseases of the heart or cancer or in such other fields of medical science as may be approved by the Minister,(ii) the providing of fellowships to be known as “R. T. Hall Fellowships” to enable, subject to such conditions as the trustees may determine, persons eminent in medical research or practice in the fields of medical science referred to in subparagraph (i) of this paragraph to visit the State of New South Wales for the dissemination of medical knowledge in appropriate centres of medical research or education or to enable selected persons to proceed overseas to obtain experience in such fields in important centres of medical or scientific research,(iii) purposes incidental or supplementary to those referred to in subparagraphs (i) and (ii) of this paragraph,(b) make further provision for the purposes referred to in subparagraphs (i), (ii) and (iii) of paragraph (a) of this section whenever they deem it expedient so to do by expending as hereinafter provided capital of the trust fund.Any such expenditure shall not in any one year exceed five per centum, or where the Minister approves of a percentage higher than five but not exceeding ten such higher percentage, of the capital of the trust fund remaining in the hands of the trustees at the beginning of such year.
4 Investment of trust fund
Pending the application thereof pursuant to the powers of the trustees the trust fund may, in addition to any form of investment at present authorised by or under the will of Richard Thomas Hall, deceased, be invested in any of the securities authorised by the Trustee Act 1925, as amended by subsequent Acts.