Agency
Great Ocean Road Trust (subsequently Great Ocean Road Trust Pty Ltd to 1956)
VA 4716
1918 - 1956
Agency names
Officially known as: Great Ocean Road Trust (subsequently Great Ocean Road Trust Pty Ltd to 1956)
The Great Ocean Road Trust was formed at a meeting at Colac on March 22 1918 to bring to fruition the scheme to construct an ocean road from Barwon Heads to Warrnambool as a memorial to those who had died in World War I. The road was to be constructed by the Country Roads Board employing discharged soldiers as defined in the Discharged Soldiers Settlement Act 1917. Initially, costs were to be covered by private subscriptions from supporters of the scheme along the coast and in nearby communities with approaches to be made to the Commonwealth and State Governments for matching subsidies. Post-construction maintenance would hopefully be carried out by the Government.
By 1920 it was apparent that costs would not be covered in the ways envisaged. It was proposed that members could loan money to the Trust. This money could then be used to purchase land from the Government which could then be subdivided and otherwise developed and re-sold at a profit. These profits would then be applied to the costs of the road construction. The Great Ocean Road (Land Sales) Act 1920 provided that land could be sold by the Government at the price of fifteen shillings per acre for these purposes.
Certain members of the Trust formed a limited liability company - the Great Ocean Road Trust Company Pty Ltd - under the Companies Act 1915 in order to carry out these activities whilst the Trust itself supervised the construction and management of completed sections of the road. In 1922 the Great Ocean Road (Lands Exchange) Act (No 3250), in 1925 the Great Ocean Road Lands Act (No 3393) and the 1928 Great Ocean Road Lands Act (No 3623) supported and promoted the activities of the Company for the financing of the road construction being carried out under the auspices of the Trust itself.
By 1933 a loan was required for the completion of the Great Ocean Road. The Government was prepared to loan 25,000 pounds to be repaid over 25 years. The decision needed to be made regarding whether this was to be made to the Trust or to the Company. It was considered that it was the wiser course to have the loan made to the Company as that provided for corporate liability. As the Trust was a non-corporate body members were open to individual liability in any legal action or in relation to such a loan. Consequently, the Trust was dissolved with its assets and liabilities being assigned to the Company which was to carry on the work. Members of the Trust who wished to continue their association were invited to become shareholders in the Company by purchasing one share.
In 1936 the construction of the sand road had been completed. The Company was by then desirous of transferring and surrendering the road to the Crown to be proclaimed a public highway. For this purpose an Agreement, as set out in the Great Ocean Road Lands Act 1936 (No 4395), was reached that the Country Roads Board would become responsible for the road and the Trust Company's liabilities with respect to it. The Trust in turn was to transfer and surrender certain lands to the Government whilst still retaining some land which was required to be sold with the proceeds to be given to the Crown apart from the amounts necessary for meeting any outstanding obligations of the Trust and for the winding up of the Company. These were to originally be complete by 1 May 1939.
The Agreement did have a proviso that the Trust Company could not be wound up until all contracts entered into by it could be completed or discharged. At the end of 1939 the Chairman reported that some transfers of land had not been able to be completed and some outstanding amounts owed the Company had not been paid. This situation remained until 1955 when the Chairman finally reported to the Registrar of Titles that all transactions had been completed, the Company bank account closed and the documents of the Trust and Company and the surplus cash in hand handed to the Secretary for Lands who was responsible for winding up the Company. The Great Ocean Road Trust Company Pty Ltd ceased to exist on 22 February 1956.
By 1920 it was apparent that costs would not be covered in the ways envisaged. It was proposed that members could loan money to the Trust. This money could then be used to purchase land from the Government which could then be subdivided and otherwise developed and re-sold at a profit. These profits would then be applied to the costs of the road construction. The Great Ocean Road (Land Sales) Act 1920 provided that land could be sold by the Government at the price of fifteen shillings per acre for these purposes.
Certain members of the Trust formed a limited liability company - the Great Ocean Road Trust Company Pty Ltd - under the Companies Act 1915 in order to carry out these activities whilst the Trust itself supervised the construction and management of completed sections of the road. In 1922 the Great Ocean Road (Lands Exchange) Act (No 3250), in 1925 the Great Ocean Road Lands Act (No 3393) and the 1928 Great Ocean Road Lands Act (No 3623) supported and promoted the activities of the Company for the financing of the road construction being carried out under the auspices of the Trust itself.
By 1933 a loan was required for the completion of the Great Ocean Road. The Government was prepared to loan 25,000 pounds to be repaid over 25 years. The decision needed to be made regarding whether this was to be made to the Trust or to the Company. It was considered that it was the wiser course to have the loan made to the Company as that provided for corporate liability. As the Trust was a non-corporate body members were open to individual liability in any legal action or in relation to such a loan. Consequently, the Trust was dissolved with its assets and liabilities being assigned to the Company which was to carry on the work. Members of the Trust who wished to continue their association were invited to become shareholders in the Company by purchasing one share.
In 1936 the construction of the sand road had been completed. The Company was by then desirous of transferring and surrendering the road to the Crown to be proclaimed a public highway. For this purpose an Agreement, as set out in the Great Ocean Road Lands Act 1936 (No 4395), was reached that the Country Roads Board would become responsible for the road and the Trust Company's liabilities with respect to it. The Trust in turn was to transfer and surrender certain lands to the Government whilst still retaining some land which was required to be sold with the proceeds to be given to the Crown apart from the amounts necessary for meeting any outstanding obligations of the Trust and for the winding up of the Company. These were to originally be complete by 1 May 1939.
The Agreement did have a proviso that the Trust Company could not be wound up until all contracts entered into by it could be completed or discharged. At the end of 1939 the Chairman reported that some transfers of land had not been able to be completed and some outstanding amounts owed the Company had not been paid. This situation remained until 1955 when the Chairman finally reported to the Registrar of Titles that all transactions had been completed, the Company bank account closed and the documents of the Trust and Company and the surplus cash in hand handed to the Secretary for Lands who was responsible for winding up the Company. The Great Ocean Road Trust Company Pty Ltd ceased to exist on 22 February 1956.
Jurisdiction: Victoria
