Trust Corporation Duties

The Trusts Corporation was formed by resolution of the General Assembly having been empowered to do so by the State of Victoria which enacted the Presbyterian Trusts Act 1890. The main functions of the Trusts Corporation are to:

• Hold in trust the property, including money, belonging to the Church and also to hold congregational property where it has been so requested by the relevant congregation
• Establish a register of Trustees of Congregations
• Facilitate the conveyance and transfer of church property.

The Trusts Corporation is a corporate body and must act in accordance with the prevailing legislation including the provisions of the Trustee Act (Victoria) 1958 and the Presbyterian Trusts Act 1890. The legislation sets out the manner in which trustees in general and the Trusts Corporation in particular must act. Responsibilities and obligations of The Trusts Corporation therefore include:

• Exercising care, diligence and skill in investing funds held in trust
• Exercising its powers in the best interests of all present and future beneficiaries of each trust
• Acting impartially towards beneficiaries and between different classes of beneficiaries

Under the 1890 Act as amended the Trusts Corporation may in its discretion invest funds either separately or in a Common Fund.

With very few exceptions, the Trusts Corporation does not have authority over the use of the funds, except to see that the funds are expended consistently with the intended purpose. It is the Committees of the General Assembly and the congregations and presbyteries which have the power to authorise expenditure in accordance with the terms of the trust. The Trusts Corporation is responsible to manage and invest the funds which it holds in trust for the benefit of these other bodies.