92   Reserve trusts

(1)  The Minister may, by notification in the Gazette, establish and name a reserve trust and appoint it as trustee of any one or more specified reserves or any one or more parts of a reserve.

(2)  A reserve trust established under subsection (1) is constituted by this Act as a corporation having as its corporate name the name assigned to the trust in the notification of its establishment.

(3)  The Minister may, by notification in the Gazette:

(a)  dissolve a reserve trust, or

(b)  alter the corporate name of a reserve trust, or

(c)  revoke the appointment of the reserve trust as trustee of any one or more specified reserves or any one or more parts of a reserve.

(4)  A reserve trust has the functions conferred on it by or under this Act.

(5)  A reserve trust is charged with the care, control and management of any reserve (or any part of a reserve) of which it is appointed trustee.

(6)  The affairs of a reserve trust are to be managed:

(a)  by the Minister, or

(b)  if a trust board is appointed under section 93—by the trust board, or

(c)  if a corporation is appointed under section 95—by the corporation, or

(d)  if an administrator is appointed under section 117—by the administrator.

(6A)  In this Division, a reference to a reserve trust manager is a reference to the Minister (to the extent that the Minister is responsible for managing the affairs of a reserve trust), or any such trust board, corporation or administrator.

(6B)  There can be more than one reserve trust manager for a reserve trust with the function of managing the affairs of the reserve trust allocated between them by the Minister in accordance with the following provisions:

(a)  The Minister can allocate the exercise of functions in respect of different aspects of the affairs of the reserve trust or different parts of the reserve to different reserve trust managers, as specified in the allocation or as determined by the Minister, with those functions to be exercised in accordance with such arrangements (if any) as may be determined by the Minister.

(b)  The Minister is the reserve trust manager for any aspect of the affairs of a reserve trust or any part of the reserve not allocated to another reserve trust manager and is accordingly allocated the function of managing the affairs of the reserve trust in respect of any such unallocated aspects of those affairs or unallocated parts of the reserve.

(c)  A reserve trust manager has the function of managing the affairs of the reserve trust only to the extent of the allocated functions and is, for the purposes of this or any other Act or law, the reserve trust manager to that extent only.

(6C)  (Repealed)

(7)  If a reserve trust is appointed as trustee of more than one reserve (or more than one part of a reserve), a reference in this Part to the reserve (or part of the reserve) in relation to the reserve trust includes a reference to any one or more of the reserves (or any one or more of the parts of the reserve) of which the reserve trust has been appointed as trustee.