Commercial imperatives and public benefit: Recognising commercial purposes as charitable purposes
Access status:
Open Access
Type
ArticleAuthor/s
Coshott, DerwentAbstract
The Non-Charitable Purpose (NCP) trust has stood as a challenge to the concept of the traditional charitable trust through its rejection of the charitable purpose and public benefit requirements. Yet various jurisdictions have seen the economic benefits of adopting such structures ...
See moreThe Non-Charitable Purpose (NCP) trust has stood as a challenge to the concept of the traditional charitable trust through its rejection of the charitable purpose and public benefit requirements. Yet various jurisdictions have seen the economic benefits of adopting such structures or legislating in their favour. Meanwhile, in common law jurisdictions such as Australia, the law of charitable purposes has been undergoing significant, albeit subtle, changes, the result of which is a growing recognition of commercial purposes as being valid charitable purposes. The result is that the law of charitable trusts in Australia stands on the conceptual precipice of recognising the kinds of commercial purposes offshore NCP trusts facilitate. This article shows how such a change has occurred and why. In doing so it also offers a proposed legislative means of advancing the charitable trust further along this path so as to potentially promote greater international investment in Australia.
See less
See moreThe Non-Charitable Purpose (NCP) trust has stood as a challenge to the concept of the traditional charitable trust through its rejection of the charitable purpose and public benefit requirements. Yet various jurisdictions have seen the economic benefits of adopting such structures or legislating in their favour. Meanwhile, in common law jurisdictions such as Australia, the law of charitable purposes has been undergoing significant, albeit subtle, changes, the result of which is a growing recognition of commercial purposes as being valid charitable purposes. The result is that the law of charitable trusts in Australia stands on the conceptual precipice of recognising the kinds of commercial purposes offshore NCP trusts facilitate. This article shows how such a change has occurred and why. In doing so it also offers a proposed legislative means of advancing the charitable trust further along this path so as to potentially promote greater international investment in Australia.
See less
Date
2018Source title
Australian Business Law ReviewVolume
46Issue
6Publisher
Thomson ReutersLicence
Copyright All Rights ReservedRights statement
This article was published by Thomson Reuters and should be cited as: Coshott, D. (2018). Commercial imperatives and public benefit: Recognising commercial purposes as charitable purposes. Australian Business Law Review, 46(6), 332–344. For all subscription inquiries please phone, from Australia: 1300 304 195, from Overseas: +61 2 8587 7980 or online at legal.thomsonreuters.com.au/search. The official PDF version of this article can also be purchased separately from Thomson Reuters at http://sites.thomsonreuters.com.au/journals/subscribe-or-purchase. This publication is copyright. Other than for the purposes of and subject to the conditions prescribed under the Copyright Act 1968 (Cth), no part of it may in any form or by any means (electronic, mechanical, microcopying, photocopying, recording or otherwise) be reproduced, stored in a retrieval system or transmitted without prior written permission. Enquiries should be addressed to Thomson Reuters (Professional) Australia Limited. PO Box 3502, Rozelle NSW 2039. legal.thomsonreuters.com.auFaculty/School
The University of Sydney Law SchoolShare