Lyons Trusts Act 1993 (Tas)

Lyons Trusts Act 1993

An Act to vary certain trusts arising from a settlement made by Rupert Arthur Lyons providing for the Thomas Lyons Memorial Fund [Royal Assent 23 December 1993]

Whereas –

(a) by a deed of trust dated 25 November 1954 made between Rupert Arthur Lyons late of Hobart in Tasmania Stock and Share Broker, in this preamble referred to as "the Settlor", and The Perpetual Trustees Executors and Agency Company of Tasmania Limited, now known as Perpetual Trustees Tasmania Limited and in this preamble referred to as "the Trustee", the Settlor settled certain shares on the Trustee to establish a trust fund to be known as the Thomas Lyons Memorial Fund for the purpose of providing an annual income to the Tasmanian Racing Club, now known as the Tasmanian Racing Club Inc., for the award of an annual trophy; and (b) it was provided by the deed of trust – (i) that the Trustee could invest the property subject to the trusts only in 6 companies specified in the deed of trust; and (ii) that the whole of the annual income of the trusts was to be applied towards the objects of the trusts; and (iii) that the objects of the trusts were to provide funds to enable the Tasmanian Racing Club to award a trophy each year to be known as the Thomas Lyons Memorial Trophy; and (c) it is expedient to vary the terms of the trusts, while preserving the original intentions of the Settlor, as follows: (i) to increase the Trustee's powers of investment of the property subject to the trusts; (ii) to enable the capital of the trusts to be augmented; (iii) to enable part of the annual income of the trusts to be applied to increase stake money in addition to the purchase of the Thomas Lyons Memorial Trophy: