Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this section, the Commission may be appointed, and may in its corporate name, act as, trustee:
(a) under a will, settlement or other instrument creating a trust for the benefit of veterans, dependants of veterans, or other persons who were dependent on veterans; or
(b) under the will of a veteran creating a trust for beneficiaries under that will.
(2) The Commission may decline to accept, or accept subject to such conditions as it deems fit, a trust or appointment to act as trustee.
(3) Where the Commission accepts appointment as trustee of a trust, the Commission:
(a) has the same powers, duties and liabilities;
(b) is entitled to the same rights and immunities; and
(c) is subject to the same control by a court;
as a natural person would have, be entitled to and be subject to if appointed to be, and acting as, trustee of that trust.
(3A) Where the Commission is a trustee of 2 or more trusts under this section, the Commission may, subject to subsection (3B), for the purpose of investing the trust funds, pool the trust funds in respect of those trusts.
(3B) The Commission shall not pool trust funds under subsection (3A), or invest trust funds pooled under that subsection, in a way that prevents the trust funds held in respect of each trust being identified sufficiently to enable the Commission properly to perform its functions as trustee.
(3C) The Commission may:
(a) make an arrangement with another person for the other person to manage the trust funds; and
(b) for the purposes of such an arrangement, transfer the trust funds to the other person;
but the making of such an arrangement, or the transferring of the trust funds, does not relieve the Commission of any duties or liabilities as trustee.
(4) The regulations may make provision for and in relation to the investment of moneys vested in the Commission as trustee pending application in accordance with the trust or for the purpose of deriving income for application in accordance with the trust.
(5) In this section:
"trust funds" , in relation to a trust of which the Commission is the trustee, means moneys vested in the Commission as trustee.
"veteran" includes:
(a) a Commonwealth veteran; and
(b) an allied veteran; and
(c) an Australian mariner; and
(d) an allied mariner; and
(e) a member of the Forces, or a member of a Peacekeeping Force, as defined by subsection 68(1).